USD/CAD has slipped after hitting resistance level at 1.3124 and is trading at 1.3104. The 1.3060 leves has been strong resistance level in the recent past. Bullish rebound is set to take off around 1.3030 levels, as this area has traditionally been a recovery zone for the bulls in the recent days.
- The currency pair is expected to reach higher levels, as the Canadian dollar has weakened against dollar due to falling oil prices. The immediate support can be seen at 1.3091 (August 18th lows), break below this level will expose the pair to next support level at 1.3059 (61.8% Retracement level).
- Major resistance can be seen at 1.3152 (Aug 17th high), break above this level will expose it to the 1.3185 levels.
Recommendation: Go long above 1.3060 with targets at 1.3090, 1.3120 SL 1.2900.
Resistance Levels
R1: 1.3126 (Aug 18th high)
R2: 1.3152 (Aug 17th high)
R3: 1.3185(Aug 7th high)
Support Levels
S1: 1.3091 (August 18th lows)
S2: 1.3059(61.8% Retracement level)
S3: 3022 (50% Retracement level)
