FxWirePro: USD/CAD strongly bearish despite upside attempts

The USD/CAD pair inched higher on Monday as crude oil prices declined below $40 a barrel and investors braced for policy decision by Federal Reserve on Wednesday.

• The pair has recovered from Friday’s low 1.3211 to trade around 1.3272 levels in the late US session.
• As long the pair trades below strong resistance located at 1.3400 levels, the ongoing bearish trend for the pair is set to continue.
• The immediate support can be seen at 1.3233, break below this level will expose the pair to next support level at 1.3200.
• Major resistance can be seen at 1.3400, break above this level will expose the pair towards 1.3460 levels.

Resistance Levels

R1: 1.3284 (61.8% Retracement level)

R2: 1.3311 (Daily high)

R3: 1.3400 (Psychological levels)

Support Levels

S1: 1.3233 (50% Retracement level)        

S2: 1.3184 (38.2% Retracement level)

S3: 1.3118 (23.6% Retracement level)