USD/CAD has declined sharply towards 1.2970 levels, after breaking support level located at 1.3015 as the pair was weighted down by positive Canadian retail sales data and strong surge in oil prices.
- Currently the currency pair is trading at 1.2975 levels, it is set to decline future towards 1.2900 and later 1.2850 levels in the short term.
- To the upside, the strong resistance can be seen at 1.3015, a break above will take the pair towards next resistance level at 1.3049.
- To the downside immediate support can be seen at 1.2940 levels, a break below will open the door towards next level at 1.2905.
Resistance Levels
R1: 1.2980 (38.2% Retracement level)
R2: 1.3015 (50% Retracement level)
R3: 1.3049 (March 17th high)
Support Levels
S1: 1.2940 (38.2% Retracement level)
S2: 1.2905 (23.6% Retracement level)
S3: 1.2828 (Nov 15th lows)
