The USD/CAD has rebounded back to reclaim 1.3000 levels, after briefly hitting lows earlier at 1.3278. However, in the European session the pair rebounded strongly and broke resistance level at 1.3315.
- Currently the pair is trading around 1.3323 levels and it is set to advance further towards 1.3360 and later towards 1.3390 levels, as the Canadian dollar is broadly weaker against US dollar, therefore it is good to buy this pair around 1.3315.
- The immediate support can be seen at 1.3315, break below this level will expose the pair to next support level at 1.3278.
- Major resistance can be seen at 1.3386, break above this level will expose it towards 1.3436 levels.
Recommendation: Go long above 1.3315 with targets at 1.3060, 1.3400 SL 1.2900.
Resistance Levels
R1: 1.3340 (Daily high)
R2: 1.3386 (23.6% Retracement level)
R3: 1.3436 (Nov 11th high)
Support Levels
S1: 1.3315 (38.2% Retracement level)
S2: 1.3278 (Daily lows)
S3: 1.3255 (50% Retracement level)
