FxWirePro: USD/CAD dips below lower range, bearish bias increases

USD/CAD has declined sharply towards 1.3970 levels, after failing to break resistance level located at 1.4126. Currently the pair is making an attempt to break support level located at 1.3972. Further upside is expected to be limited around 1.3990 as the pair has broken strong support level at 1.4000 levels.
Currently the currency pair is trading at 1.3973 levels, it is set to decline future towards 1.3900 and later 1.3850 levels in the short term.
To the upside, the strong resistance can be seen at 1.4007, a break above will take the pair towards next resistance level at 1.4064.
To the downside immediate support can be seen at 1.3972 levels, a break below will open the door towards next level at 1.3930.

Recommendation: Go short around 1.3980, targets 1.3900, 1.3850, SL 1.4100

Resistance Levels

R1: 1.4007 (38.2% Retracement level)

R2: 1.4064 (50% Retracement level)

R3: 1.4124 (61.8% Retracement level)

Support Levels

S1: 1.3930 (23.6% Retracement level)

S2: 1.3900 (Psychological levels)

S3: 1.3864 (Jan 4th lows)

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