The USD/CAD pair inched higher on Thursday as crude oil prices declined, with the currency pair pulling back from four month low reached on Wednesday.
- The pair hit low at 1.3235 before recovering to trade around 1.3272 levels in the early US session.
- As long the pair trades below strong resistance located at 1.3427 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 1.3427, break above this level will expose it towards 1.3460 and beyond.
Resistance Levels
R1: 1.3300 (50% Retracement level)
R2: 1.3347 (March 8th high)
R3: 1.3427 (61.8% Retracement level)
Support Levels
S1: 1.3233 (38.2% Retracement level)
S2: 1.3200 (38.2% Retracement level)
S3: 1.3153 (23.6% Retracement level)
