USD/CAD has declined to trade around 1.3190 levels, after failing to consolidate above 1.3220 levels, after a brief bullish surge on hawkish FOMC meeting yesterday. The pair may extend its weakness up to 1.3150 levels and it is expected to rebound towards higher side, as this area has been a strong recovery zone for the pair. Therefore, it's good to entry long order above 1.3150 levels.
- The immediate support can be seen at 1.3175, break below this level will expose the pair to next support level at 1.3148.
- Major resistance can be seen at 1.3220, break above this level will expose it towards 1.3280 levels.
Recommendation: Go long above 1.3210 with targets at 1.3260, 1.3300 SL 1.3100.
Resistance Levels
R1: 1.3220 (38.2% Retracement level)
R2: 1.3282 (Oct 28th high)
R3: 1.3332 (Oct 1st high)
Support Levels
S1: 1.3175 (Daily lows)
S2: 1.3148 (50% Retracement level)
S3: 1.3089 (Oct 28th lows)
