The USD/ CAD has strongly bounced towards 1.3586 levels, after breaking above1.3550 resistance level. The pair has been trading in bullish trend off late as the Canadian dollar is weighted down by falling oil prices.
- The pair is set to continue advancing further, as long as the pair trades above 1.3480 levels. The pair has close below 1.3480 in order find any bearish momentum unless until it's good to go long on this pair.
- To the upside, the strong resistance can be seen at 1.3621, a break above this level would take the pair all the way towards 1.3700 levels.
- To the downside immediate support can be seen 1.3548, a break below this level will take the pair to next level at 1.3513.
Recommendation: Go long above 1.3520, targets 1.3580, 1.0640, SL 1.3470
Resistance Levels
- R1: 1.3592 (23.6% Retracement level)
- R2: 1.3621 (Daily high)
- R3: 1.3663
Support Levels
- S1: 1.3550 (38.2% Retracement level)
- S2: 1.3513 (50% Retracement level)
- S3: 1.3480 (61.8% Retracement level)
