FxWirePro: USD/CAD key support at 1.3234, buy deals are recommended above 1.3235
The USD/CAD pair has slipped sharply to trade around 1.3258 levels, after finding renewed selling interest. The Canadian dollar found some support yesterday on recovering oil prices and positive GDP data. However, the pa…
The USD/CAD pair has slipped sharply to trade around 1.3258 levels, after finding renewed selling interest. The Canadian dollar found some support yesterday on recovering oil prices and positive GDP data. However, the pair is trading in oversold condition and it is set to consolidate around 1.3250 levels as the pair still remains under bulls control as the price action is above strong support zone at 1.3200 levels, therefore it is good to buy this pair around 1.3250.
The currency pair is trading at 1.3269 levels, it is expected to reach 1.3300 levels and 1.3350 levels in the short term.
The immediate support can be seen at 1.3250 (Oct 1 lows), break below this level will expose the pair to next support level at 1.3234.
Major resistance can be seen at 1.3348 (23.6% Retracement level), break above this level will expose it towards 1.3380 levels.
Recommendation: Go long above 1.3235 with targets at 1.3300, 1.3350 SL 1.3190. Resistance Levels
