USD/CAD has slipped back towards 1.3117 levels, after failing to hold above1.3134 levels, Currently the pair is testing support level at 1.3111. The résistance level at 1.3134 is set to hold the bulls advancing further and bring a decline towards lower levels, as the oil correlated Canadian dollar has regained its strength against its US counterpart.
- The currency pair is trading at 1.3111 levels, it is expected to reach 1.3060 levels and 1.3300 levels in the short term.
- The immediate support can be seen at 1.3111, break below this level will expose the pair to next support level at 1.3088.
- Major resistance can be seen at 1.3134, break above this level will expose it towards 1.3175 (Oct 6th high) levels.
Recommendation: Go short below 1.3140 with targets at 1.3060, 1.3000 SL 1.3215.
Resistance Levels
R1: 1.3134 (61.8% Retracement level)
R2: 1.3175 (Oct 6th high)
R3: 1.3209 (Oct 2nd high)
Support Levels
S1: 1.3111 (50% Retracement level)
S2: 1.3088 (38.2% Retracement level)
S3: 1.3060 (23.6% Retracement level)
