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USD/CAD slipped backwards after the release of US GDP data in the early US session. However, after finding minor support at 1.3315 levels, the pair has rebounded to trade around 1.3330 levels. The pair remains in bullish territory unless until it trades above 1.3255 levels, Therefore its good buy this pair around 1.3280 levels.
- The currency pair is trading at 1.3300 levels, it is expected to reach 1.3360 levels and 1.3390 levels in the short term.
- The immediate support can be seen at 1.3282, break below this level will expose the pair to next support level at 1.3265.
- Major resistance can be seen at 1.3333, break above this level will expose it towards 1.3358 levels.
Recommendation: Go long around 1.3280 with targets at 1.3350, 1.3380 SL 1.3240.
Resistance Levels
R1: 1.3376 (Daily high)
R2: 1.3388 (23.6% Retracement level)
R3: 1.3430 (Nov 23rd high)
Support Levels
S1: 1.3315 (38.2% Retracement level)
S2: 1.3256 (50% Retracement level)
S3: 1.3257 (61.8% Retracement level)
