USD/CAD pair has begun the week advancing higher from Fridays close to hit high around 1.3433 levels after breaking strong resistance at 1.3357 in the early European session. However, uptrend was short lived as the pair slipped sharply to towards around 1.3337 levels in the early US session.
- Further decline is expected to be limited around 1.3325 as the support level at 1.3325 is set to hold the bears from falling further below.Therefore, it's good to buy this pair on dips.
- To the upside, the strong resistance can be seen at 1.3391, a break above this level would take the pair towards next resistance level at 1.3435.
- To the downside immediate support can be seen 1.3357, a break below this level will open the door towards next level at 1.3324.
Recommendation: Go long around 1.3325, targets 1.3370 1.3450, SL 1.3270
Resistance Levels
R1: 1.3391 (38.2% Retracement level)
R2: 1.3435 (23.6% Retracement level)
R3: 1.3450 (Sep 23rd high)
Support Levels
S1: 1.3357 (50% Retracement level)
S2: 1.3324 (61.8% Retracement level)
S3: 1.3270 (Nov 20th lows )
