FxWirePro: USD/CAD key support at 1.3347, buy deals are recommended above 1.3370
USD/CAD has declined sharply to trade towards 1.3383 levels in the early asian session, from yesterday's high at 1.3458 levels. However, the pair has rebounded and is consolidating around 1.3405 levels, the pair is set t…
USD/CAD has declined sharply to trade towards 1.3383 levels in the early asian session, from yesterday's high at 1.3458 levels. However, the pair has rebounded and is consolidating around 1.3405 levels, the pair is set to advance further towards 1.3480 levels and 1.3520 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 1.3350 levels, therefore its good buy this pair on dips.
The immediate support can be seen at 1.3375 (38.2% Retracement level), break below this level will expose the pair to next support level at 1.3347.
Major resistance can be seen at 1.3408(38.2% Retracement level), break above this level will expose it towards 1.3430 levels.
Recommendation: Go long above 1.3370 with targets at 1.3450, 1.3500 SL 1.3290.
