FxWirePro: USD/CAD finds support at 1.3834, bullish in the short term

The USD/ CAD declined sharply, after crude oil prices jumped following an unexpected drop in US inventories, shrugging off the weak Canadian macro-economic data. However, the pair on its downward path has hit support level 1.3829 and has rebounded to trade around 1.3856 levels. 

• The pair has to close below 1.3796 in order find any bearish momentum unless until it's good to go long on this pair.
   
• To the upside, the strong resistance can be seen at 1.3920, a break above this level would take the pair all the way towards 1.4000 levels.
   
• To the downside immediate support can be seen 1.3834, a break below this level will take the pair towards next level located at  1.3796.
  
  Recommendation: Go long around 1.3850, targets 1.3920, 1.40000 SL 1.3780
  
  Resistance Levels
  
  R1: 1.3872 (38.2% Retracement level)
  
  R2: 1.3920 (23.6% Retracement level)
  
  R3: 1.3955 (Dec 22nd high)
  
  Support Levels
  
  S1: 1.3834 (50% Retracement level)
  
  S2: 1.3796 (61.8% Retracement level)
  
  S3: 1.3746 (Dec 16th low)