The USD/CAD has rebounded back to reclaim 1.3000 levels, after briefly hitting lows yesterday at 1.2931. However, in early European session the pair gained all the lost ground and is inching towards higher levels. The pair is trading around 1.3006 levels and it is set to advanve further towards 1.3045 and later towards 1.3100,as the Canadian dollar is broadly weaker against US dollar, therefore it is good to buy this pair around 1.2980.
- The immediate support can be seen at 1.2980, break below this level will expose the pair to next support level at 1.2947.
- Major resistance can be seen at 1.3065, break above this level will expose it towards 1.3100 levels.
Recommendation: Go long above 1.2980 with targets at 1.3040, 1.3080 SL 1.2900.
Resistance Levels
R1: 1.3014 (38.2% Retracement level)
R2: 1.3065 (23.6% Retracement level)
R3: 1.3082 (Oct 20th high)
Support Levels
S1: 1.2980 (50% Retracement level)
S2: 1.2947 (61.8% Retracement level)
S3: 1.2900 (Psychological levels)
