USD/CAD has slipped towards 1.3100 levels after failing to break minor resistance level located at 1.3125 in the early European session today. However, the pair has managed to rebound after testing support level located at 1.3100. The pair is making an attempt to test next resistance level at 1.3194. The resistance level at 1.3194 is set to act as strong barrier to bulls and initiate a bearish momentum towards 1.3100 and later towards 1.3050 levels. Therefore, it's good to sell this pair below 1.31170 levels.
- To the upside, the strong resistance can be seen at 1.3194, a break above this level would take the pair towards next resistance level at 1.3220.
- To the downside immediate support can be seen 1.3146, a break below this level will open the door towards next level at 1.3100.
Recommendation: Go short below 1.3170, targets 1.3100, 1.3050, SL 1.3200
Resistance Levels
R1: 1.3194 (Oct 10th high)
R2: 1.3220 (61.8% Retracement level)
R3: 1.3280 (Oct 28th high)
Support Levels
S1: 1.3146 (50% Retracement level)
S2: 1.3100 (Daily lows)
S3: 1.3073 (38.2% Retracement level)
