USD/CAD has slipped back towards 1.3390 levels, after a short squeeze towards 1.3427 in early US session. However, the pair may extend its weakness up to 1.3343 levels and consolidate to reach higher levels, as support level at 1.3343 is set to act as barrier to the bears. Therefore, it's good to go long above 1.3350 levels.
The currency pair is trading at 1.3390 levels, it is expected to reach 1.3420 levels and 1.3450 levels in the short term.
>The immediate support can be seen at 1.3371 (38.2% Retracement level), break below this level will expose the pair to next support level at 1.3345.
>Major resistance can be seen at 1.3434 (Sep 29rd high), break above this level will expose it towards 1.3450 levels.
Recommendation: Go long above 1.3350 with targets at 1.3400, 1.3450 SL 1.3250.
Resistance Levels
R1: 1.3403 (23.6% Retracement level)
R2: 1.3434 (Sep 29rd high)
R3: 1.3460
Support Levels
S1: 1.3371 (38.2% Retracement level)
S2: 1.3345 (50% Retracement level)
S3: 1.3320 (61.8% Retracement level)
