USD/CAD halts 4 consecutive days' downslide after finding support at 1.3064 levels.
- The pair has edged slightly higher, tight ranges as commodities tread water, Brent down -0.1%, WTI down -0.72%, day's range 1.3064-1.3115
- Failure of price action ahead of 1.3470 (September 29) hit bulls hard, pair was on downtrend for 4 consecutive days
- 1.3470 is 61.8% Fibo retrace of the 1.6197-0.9059 (2002 to 2007 fall), a strong resistance zone
- USD/CAD is currently trading at 1.3111, with immediate resistance at 1.3175 (Daily High Oct 5) and support at 1.3063
- Canadian trade balance data and Ivey's PMI along with US trade and FOMC's Williams's speech will be focus
Resistance Levels:
R1: 1.3175 (Daily High Oct 5)
R2: 1.3235 (Kijun-Sen)
R3: 1.3252 (21-Day MA)
Support Levels:
S1: 1.3065 (Daily Lows Oct 5/6)
S2: 1.3013 (Daily Low Sep 18)
S3: 1.2952 (Daily low Aug 12)
