USD/CAD opened around 1.3330 in today's Asian session and inched higher during mid-European session. However, the pair failed to break resistance 1.3375 and has slipped towards 1.3345 levels, the pairs weakness may be limited around 1.3302 levels as this level has been strong support zone and the pair is set to consolidate around this area and rebound towards 1.3380 in the short term. Therefore, it's good go long above 1.3300 levels.
The currency pair is trading at 1.3340 levels, it is expected to reach 1.3380 levels and 1.3450 levels in the short term.
The immediate support can be seen at 1.3325, break below this level will expose the pair to next support level at 1.3304.
Major resistance can be seen at 1.3375 (23.6% Retracement level), break above this level will expose it towards 1.3450 levels.
Recommendation: Go long above 1.3310 with targets at 1.3380, 1.3430 SL 1.3250.
Resistance Levels
R1: 1.3348 (38.2% Retracement level)
R2: 1.3358 (Sep 23rd high)
R3: 1.3375 (23.6% Retracement level)
Support Levels
S1: 1.3325 (50% Retracement level)
S2: 1.3304 (61.8% Retracement level)
S3: 1.3290 (Sep 24th lows)
