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USD/CAD has rebounded back towards 1.2969 levels, after failing to break support level at 1.2900. Currently the pair is making an attempt to reach resistance level at 1.3018, the resistance level at 1.3018 is set to hold the bulls from advancing further and bring a decline towards lower levels, its good to sell this pair on rallies.
- The currency pair is trading at 1.2959 levels, it is expected to reach 1.2900 levels and 1.2870 levels in the short term.
- The immediate support can be seen at 1.2957, break below this level will expose the pair to next support level at 1.2900.
- Major resistance can be seen at 1.3018, break above this level will expose it towards 1.3076 (Oct 8th high).
Recommendation: Go short below 1.3000 with targets at 1.2900, 1.2870 SL 1.3040.
Resistance Levels
R1: 1.3018 (61.8% Retracement level)
R2: 1.3076 (Oct 8th high)
R3: 1.3131(Oct 6th high)
Support Levels
S1: 1.2957 (50% Retracement level)
S2: 1.2900 (38.2% Retracement level)
S3: 1.2823 (23.6% Retracement level)
