USD/CAD has declined sharply to trade around 1.3267 levels, from yesterday's high at 1.3368 levels. However, the pair has rebounded and is consolidating around 1.3244 support levels, the pair is set to advance further towards 1.3300 levels and 1.3380 in the short term as oil-correlated Canadian dollar is set to weaken against US dollar in the coming sessions. Therefore its good buy this pair on dips.The immediate support can be seen at 1.3244, break below this level will expose the pair to next support level at 1.3192.
- Major resistance can be seen at 1.3294, break above this level will expose it towards 1.3357 levels.
Recommendation: Go long around 1.3245 with targets at 1.3300, 1.3350 SL 1.3180.
Resistance Levels
R1: 1.3294 (38.2% Retracement level)
R2: 1.3325 (Nov 12th high)
R3: 1.3357 (23.6% Retracement level)
Support Levels
S1: 1.3244 (50% Retracement level)
S2: 1.3221 (Nov 11th low)
S3: 1.3192 (61.8% Retracement level)
