The USDCAD pair surged higher strongly yesterday towards 1.3140 levels gaining more than 120 pips However, in today's European session, the pair has started retracing towards 1.3090 levels. The pair is set to consolidate around 1.3090 and reach further towards 1.3180 levels in the short term, as the Canadian dollar is broadly weaker against US dollar, therefore it is good to buy this pair around 1.3090 levels.
- The immediate support can be seen at 1.1.3090, break below this level will expose the pair to next support level at 1.3054.
- Major resistance can be seen at 1.3175, break above this level will expose it towards 1.3250 levels.
Recommendation: Go long above 1.3070 with targets at 1.3130, 1.3170 SL 1.2950.
Resistance Levels
R1: 1.3130 (38.2% Retracement level)
R2: 1.3175 (23.6% Retracement level)
R3: 1.3200 (Psychological levels)
Support Levels
S1: 1.1.3090 (50% Retracement level)
S2: 1.3054 (61.8% Retracement level)
S3: 1.2986 (Oct 21st low)
