USD/CAD has rebounded back towards 1.2969 levels from yesterday's lows in early European session, However, in quick succession as the pair lost its bullish momentum and slipped back to trade at 1.2888 levels pair is expected to, fall further towards levels 1.2850 levels and later towards 1.2800 levels in the short term.as the US dollar is broadly lower against its Canadian counterpart.
- The currency pair is trading at 1.2906 levels, it is expected to reach 1.2850 levels and 1.2800 levels in the short term.
- The immediate support can be seen at 1.2900, break below this level will expose the pair to next support level at 1.2851.
- Major resistance can be seen at 1.2936, break above this level will expose it towards 1.2980 (Oct 24thth high).
Recommendation: Go short below 1.2936 with targets at 1.2850, 1.2810 SL 1.3040.
Resistance Levels
R1: 1.2936 (61.8% Retracement level)
R2: 1.2980 (Oct 24thth high)
R3: 1.3000 (Psychological levels)
Support Levels
S1: 1.2900 (50% Retracement level)
S2: 1.2851 (38.2% Retracement level)
S3: 1.2800 (23.6% Retracement level)
