FxWirePro: USD/CAD key support at 1.3625, favoring further upside

The USD/CAD pair slipped sharply downwards, after the US market opened. However, the pair rebounded strongly after finding support level at 1.3678 levels. As long the pair trades above strong support zone located at 1.3624 levels, the ongoing bullish trend for the pair is set to continue. Therefore it is good to buy this pair on dips.

• The currency pair is trading around 1.3744 levels, it is expected to reach 1.3800 levels and 1.3840 levels in the short term.
   
• The immediate support can be seen at 1.3725, break below this level will expose the pair to next support level at 1.3680.
   
• Major resistance can be seen at 1.3800, break above this level will expose it towards 1.3850 and beyond.
  
  Recommendation: Go long above 1.3680 with targets at 1.3750, 1.3830 SL 1.3600.
  
  Resistance Levels
  
  R1: 1.3772 (38.2% Retracement level)
  
  R2: 1.3800 (Psychological levels)
  
  R3: 1.3835 (23.6% Retracement level)
  
  Support Levels
  
  S1: 1.3725 (50% Retracement level)
  
  S2: 1.3680 (61.8% Retracement level)
  
  S3: 1.3625 (Dec 16th high)