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USD/CAD rebounded back above 1.3030 levels yesterday, after failing to break support level at 1.2900. Currently the pair has rebounded from support level at 1.3034, and is moving to test resistance level 1.3066.The resistance level located at 1.3080 is like to act as strong barrier to the bulls and bring a decline towards lower levels, therefore it's good to sell this pair around 1.3060 levels.
- The immediate support can be seen at 1.3034, break below this level will expose the pair to next support level at 1.2980.
- Major resistance can be seen at 1.3080, break above this level will expose it towards 1.3120.
Recommendation: Go short below 1.3060 with targets at 1.3000, 1.2950 SL 1.3100.
Resistance Levels
R1: 1.3066 (Oct 13th high)
R2: 1.3080 (50% Retracement level)
R3: 1.3120 (61.8% Retracement level)
Support Levels
S1: 1.3034 (38.2% Retracement level)
S2: 1.2980 (23.6% Retracement level)
S3: 1.2900 (Psychological Levels)
