USD/CAD pair has begun the week advancing higher from Fridays close to hit high around 1.3433 levels after Crude oil prices declined to 11years low.The ongoing upside is set to continue as the pair has broken strong resistance level at 1.3500 levels.
- Further decline is expected to be limited around 1.3440 as the support level at 1.3432 is set to hold the bears from falling further below.Therefore; it's good to buy this pair on dips.
- To the upside, the strong resistance can be seen at 1.3391, a break above this level would take the pair towards next resistance level at 1.3435.
- To the downside immediate support can be seen 1.3357, a break below this level will open the door towards next level at 1.3324.
Recommendation: Go long around 1.3440, targets 1.3500 1.3550, SL 1.3380
Resistance Levels
R1: 1.3405 (38.2% Retracement level)
R2: 1.3557 (23.6% Retracement level)
R3: 1.3600 (Psychological levels)
Support Levels
S1: 1.3468 (50% Retracement level)
S2: 1.3432 (61.8% Retracement level)
S3: 1.3361 (Dec 12th lows)
