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The USD/CAD pair staged a strong rebound yesterday, recovering from two month low at 1.2940. The pair lost ground once again on falling oil prices as the oil co-related loonie has lost ground against US dollar. The pair is trading around 1.3006 levels and it is set to consolidate around 1.2980 levels reach higher levels in the short term, 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)
