FxWirePro: USD/CAD key support at 1.3302, bullish extension till 1.3450 likely

USD/CAD has declined sharply to trade around 1.3312 levels, after hitting highest level since 2004 at 1.3418 levels yesterday. However, the pair is expected to rebound once again to reclaim 1.3400 levels and reach further to higher side as oil-correlated Canadian dollar is broadly lower against most of the major pairs due to falling oil prices. The pair remains in strong bullish control unless until it trades above 1.3250 levels, Therefore its good to buy this pair around 1.3300 levels.

The currency pair is trading at 1.3312 levels, it is expected to reach 1.3370 levels and 1.3450 levels in the short term.

The immediate support can be seen at 1.3302 (61.8% Retracement level), break below this level will expose the pair to next support level at 1.3264 (Sep 21st high).

Major resistance can be seen at 1.3375 (23.6% Retracement level), break above this level will expose it towards 1.3418 (Sep 24th high).

Recommendation: Go long above 1.3300 with targets at 1.3370, 1.3450 SL 1.3260.

Resistance Levels

R1: 1.3347 (38.2% Retracement level)

R2: 1.3375 (23.6% Retracement level)

R3: 1.3418(Sep 24th high)

Support Levels

S1: 1.3302 (61.8% Retracement level)

S2: 1.3264 (Sep 21st high)

 S3: 1.3232 (Sep 23rd lows)