The USD/CAD pair slipped sharply to test support level at 1.3180 levels, after the release of Non-farm payrolls data from US market. However, the Canadian dollar rebounded strongly after hitting support level at 1.3180. The pair is trading in oversold condition and it is set to consolidate around 1.3230 levels and reach higher levels, as the pair remains under bulls control as the price action is above strong support zone at 1.3180 levels, therefore it is good to buy this pair around 1.3230.
- The currency pair is trading at 1.3235 levels, it is expected to reach 1.3300 levels and 1.3350 levels in the short term.
- The immediate support can be seen at 1.3230, break below this level will expose the pair to next support level at 1.3180.
- Major resistance can be seen at 1.3270, break above this level will expose it towards 1.3350 levels.
Recommendation: Go long above 1.3235 with targets at 1.3300, 1.3350 SL 1.3190.
Resistance Levels
R1: 1.3270 (Sep 21st high)
R2: 1.3287 (38.2 Retracement level)
R3: 1.3351 (23.6% Retracement level)
Support Levels
S1: 1.3230 (50% Retracement level)
S2: 1.3180 (61.8% Retracement level)
S3: 1.3160(Sep 16th lows)
