Canadian dollar has conceded some gains against US dollar on Wednesday, as the pair bounced higher after crude oil inventories data which showed a rise in weekly U.S crude inventories, fueled more bearish sentiment about the deepening oil supply glut.
- The intraday trend remains bullish for the pair as the oil co-related Canadian dollar has shown weakness against US dollar lately as the oil prices once again slipped towards $ 30.13 a barrel.
- The currency pair is trading at 1.4290 levels, it is expected to reach 1.4350 levels and later 1.4400 levels in the short term.
- The immediate support can be seen at 1.4262, break below this level will expose the pair to next support level at 1.4211.
- Major resistance can be seen at 1.4314, break above this level will expose it towards 1.4370 levels.
Recommendation: Go long around 1.4260 with targets at 1.4350, 1.4400 SL 1.4200.
Resistance Levels
R1: 1.4314 (38.2% Retracement level)
R2: 1.4370 (23.6% Retracement level)
R3: 1.4400 (Psychological levels)
Support Levels
S1: 1.4262 (50% Retracement level)
S2: 1.4211 (61.8% Retracement level)
S3: 1.4181 (Jan 13th lows)
