FxWirePro: USD/CAD heads southwards as crude oil prices rebound, outlook strongly bearish

Canadian dollar firmed against US dollar on Monday, after Canadian dollar gathered some momentum after crude oil price rebounded as China eased its policy monetary policy to fuel its growth. 

• The intraday trend remains bearish for the pair as the oil-correlated Canadian dollar is set to gain against dollar on renewed hope of output cut by OPEC.
   
• The currency pair is trading at 1.3524 levels, it is expected to reach 1.3450 levels and later 1.3380 levels in the short term. 
   
• The immediate support can be seen at 1.3500, break below this level will expose the pair to next support level at 1.3473.
   
• Major resistance can be seen at 1.3632, break above this level will expose it towards 1.3700 levels.
  
  Recommendation: Go short around 1.3580 with targets at 1.3450, 1.3380 SL 1.3700.
  
  Resistance Levels
  
  R1: 1.3569 (50% Retracement level)
  
  R2: 1.3632 (61.8% Retracement level)
  
  R3: 1.3700 (Psychological levels)
  
  Support Levels
  
  S1: 1.3500 (38.2% Retracement level)
  
  S2: 1.3473 (Session lows)
  
  S3: 1.3405 (23.6% Retracement level)