FxWirePro: USD/CAD resumes bullish trend as downside bias reverses

Canadian dollar has conceded some gains against US dollar on Monday, as the pair has rebounded after finding support at 1.3812. Intraday trend remains bullish for the pair as the oil co-related Canadian dollar has shown weakness against US dollar lately as the oil prices once again slipped towards 11year lows as excess supply continued to weigh on the commodity.

• The currency pair is trading at 1.3895 levels, it is expected to reach 1.3953 levels and 1.4000 levels in the short term. 
   
• The immediate support can be seen at 1.3885, break below this level will expose the pair to next support level at 1.3850.
   
• Major resistance can be seen at 1.3919, break above this level will expose it towards 1.4000 levels.
  
  Recommendation: Go long around 1.3850 with targets at 1.3920, 1.4000 SL 1.3040.
  
  Resistance Levels
  
  R1: 1.3919 (61.8% Retracement level)
  
  R2: 1.3953 (Dec 22nd high)
  
  R3: 1.4000 (Psychological levels)
  
  Support Levels
  
  S1: 1.3885 (50% Retracement level)
  
  S2: 1.3850 (38.2% Retracement level)
  
  S3: 1.3805 (23.6% Retracement level)