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The USD/CAD pair slipped lower on Firday as crude oil prices rose after International Energy Agency (IEA) said in a report that markets may have reached its bottom.
- The pair hit low at 1.3168 before recovering to trade around 1.3212 levels in the early US session.
- As long the pair trades below strong resistance located at 1.3300 levels, the ongoing bearish trend for the pair is set to continue.
- The currency pair is trading around 1.3215 levels, it is expected to reach 1.3100 levels and 1.3050 levels in the short term.
- The immediate support can be seen at 1.3200, break below this level will expose the pair to next support level at 1.3182.
- Major resistance can be seen at 1.3285, break above this level will expose it towards 1.3314.
Resistance Levels
R1: 1.3232 (50% Retracement level)
R2: 1.3285 (61.8% Retracement level)
R3: 1.3314 (Daily high)
Support Levels
S1: 1.3200 (Psychological levels)
S2: 1.3182 (Session lows)
S3: 1.3115 (23.6% Retracement level)
