Canadian dollar firmed against US dollar on Wednesday, after Canadian dollar gathered some momentum after crude oil price rebounded on hopes that major oil producing countries would seal an agreement on freezing production following a key ministerial meeting in Iran.
- The intraday trend remains bearish for the pair as the oil-correlated Canadian dollar is set to strengthen against dollar in the short term.The currency pair is trading at 1.3768 levels, it is expected to reach 1.3700 levels and later 1.3650 levels in the short term.
- The immediate support can be seen at 1.3725, break below this level will expose the pair to next support level at 1.3630.
- Major resistance can be seen at 1.3790, break above this level will expose it towards 1.3872 levels.
Recommendation: Go short around 1.3810 with targets at 1.3740, 1.3650 SL 1.3880.
Resistance Levels
R1: 1.3790 (50% Retracement level)
R2: 1.3872 (61.8% Retracement level)
R3: 1.3911 (Feb 16th high)
Support Levels
S1: 1.3725 (38.2% Retracement level)
S2: 1.3630 (23.6% Retracement level)
S3: 1.3600 (Psychological levels)
