USD/CAD slipped backwards after the release of Philadelphia Fed manufacturing data in the early US session. However, after finding minor support at 1.3650 levels, the pair rebounded to trade around 1.3685 levels.
- The pair remains in bearish territory unless until it trades below 1.3750 levels, Therefore its good sell this pair on rallies.
- The currency pair is trading at 1.3687 levels, it is expected to decline towards 1.3650 and 1.3590 levels in the short term.
- The immediate support can be seen at 1.3650, break below this level will expose the pair to next support level at 1.3590.
- Major resistance can be seen at 1.3790, break above this level will expose the pair towards 1.3900 levels.
Recommendation: Go short around 1.3740 with targets at 1.3650, 1.3600 SL 1.3800
Resistance Levels
- R1: 1.3691 (50% Retracement level)
- R2: 1.3790 (61.8% Retracement level)
- R3: 1.3900 (Psychological levels)
Support Levels
- S1: 1.3650 (Daily lows)
- S2: 1.3590 (38.2% Retracement level)
- S3: 1.3472 (23.6% Retracement level)
