USD/CAD has rebounded strongly after finding support at 1.3921 and is approaching to test resistance level at 1.3965.
- The ongoing upside is set to continue as the US dollar is stronger across board against Canadian dollar. Any decline is expected to be limited around 1.3868 as the support level at 1.3813 is set to hold the bears from falling further below.
- To the upside, the strong resistance can be seen at 1.3995, a break above this level would take the pair all the way towards 1.4040 levels.
- To the downside immediate support can be seen 1.3926, a break below this level will take the pair to next level at 1.3868.
Recommendation: Go long above 1.3930, targets 1.4000, 1. 1.4040, SL 1.3860
Resistance Levels
R1: 1.3965 (50% Retracement level)
R2: 1.3995 (38.2% Retracement level)
R3: 1.4040 (23.6% Retracement level)
Support Levels
S1: 1.3921 (61.8% Retracement level)
S2: 1.3868 (Jan 4th lows)
S3: 1.3813 (December 31st lows)
