USD/CAD has rebounded back towards 1.2950 levels after hitting daily lows at 1.2900 levels in mid European session, The pair has rebounded from 1.2900 support levels and is advancing towards higher levels. However, upwards should be limited around 1.2980 and bring a decline towards lower levels in the short term therefore it's good to sell this pair below 1.2980 levels.
- The currency pair is trading at 1.2938 levels, it is expected to reach 1.2900 levels and 1.2850 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 1.2980 with targets at 1.2890, 1.2850 SL 1.3040.
Resistance Levels
R1: 1.2940 (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)
