- USD/CAD slipped backwards after breaking support level at 1.3227 in the early European session. However, after finding support at 1.3210 levels the pair has rebounded strongly to trade around 1.3241 levels. The pair remains in bullish territory unless until it trades above 1.3200 psychological levels, Therefore its good buy this pair around 1.3200 levels.
- The currency pair is trading at 1.3241 levels, it is expected to reach 1.3280 levels and 1.3320 levels in the short term, as the US Dollar is stronger across the board against Canadian dollar ahead of Thursdays key FOMC meeting.
- The immediate support can be seen at 1.3227 (38.2% Retracement level), break below this level will expose the pair to next support level at 1.3210 (Sep 9th lows).
- Major resistance can be seen at 1.3274 (23.6% Retracement level), break above this level will expose it towards 1.3310 (September 9th high) levels.
Recommendation: Go long above 1.3210 with targets at 1.3280, 1.32320 SL 1.3140.
Resistance Levels
R1: 1.3247 (Sep 16th high)
R2: 1.3274 (23.6% Retracement level)
R3: 1.3310 (September 9th high)
Support Levels
S1: 1.3227 (38.2% Retracement level)
S2: 1.3210 (Sep 9th lows)
S3: 1.3188 (61.8% Retracement level)
