- Canadian dollar firmed against broadly stronger dollar on Tuesday as higher oil prices helped Canadian dollar reduce some losses against green back.
- However, the ongoing bullish trend is set to continue for this pair as the support level at 1.3036 is likely to act as strong barrier to the bears and bring a rebound towards higher levels.
- Currently the currency pair is trading at 1.3155 levels, it is set to advance future towards 1.3200 and later 1.3250 levels in the short term.
- To the upside, the strong resistance can be seen at 1.3192, a break above will take the pair towards next resistance level at 1.3221.
- To the downside immediate support can be seen at 1.3114 levels, a break below will open the door towards next level at 1.3083.
Resistance Levels
R1: 1.3192 (38.2% Retracement level)
R2: 1.3221 (April 5th high)
R3: 1.3288 (23.6% Retracement level)
Support Levels
S1: 1.3114 (50% Retracement level)
S2: 1.3083 (Daily lows)
S3: 1.3036 (61.8% Retracement level)