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USD/CAD has strongly rebounded back towards 1.3070 levels, after failing to break support level at 1.2964 yesterday , Currently the pair is testing resistance level at 1.3076. A break above will unleash a strong bullish momentum towards 1.3150 levels.
- The currency pair is trading at 1.3074 levels; it is expected to reach 1.3100 levels and 1.3150 levels in the short term.
- The immediate support can be seen at 1.2992, break below this level will expose the pair to next support level at 1.2964.
- Major resistance can be seen at 1.3076, break above this level will expose it towards 1.3180 levels.
Recommendation: Go long above 1.3030 with targets at 1.3100, 1.3150 SL 1.2940.
Resistance Levels
R1: 1.3076 (61.8% Retracement level)
R2: 1.3133 (Oct 6th high)
R3: 1.3180 (Oct 5th high)
Support Levels
S1: 1.2992 (38.2% Retracement level)
S2: 1.2964 (Oct 7th lows)
S3: 1.2940 (23.6% Retracement level)
