Fxwirepro: Usd/cad Heads Southwards As Crude Oil Prices Rebound, Outlook Strongly Bearish

  • Canadian dollar firmed against US dollar on Monday, after Canadian dollar gathered some momentum after crude oil price rebounded as China eased its policy monetary policy to fuel its growth. 
  • The intraday trend remains bearish for the pair as the oil-correlated Canadian dollar is set to gain against dollar on renewed hope of output cut by OPEC.
  • The currency pair is trading at 1.3524 levels, it is expected to reach 1.3450 levels and later 1.3380 levels in the short term. 
  • The immediate support can be seen at 1.3500, break below this level will expose the pair to next support level at 1.3473.
  • Major resistance can be seen at 1.3632, break above this level will expose it towards 1.3700 levels.Recommendation: Go short around 1.3580 with targets at 1.3450, 1.3380 SL 1.3700.Resistance LevelsR1: 1.3569 (50% Retracement level)R2: 1.3632 (61.8% Retracement level)R3: 1.3700 (Psychological levels)Support LevelsS1: 1.3500 (38.2% Retracement level)S2: 1.3473 (Session lows) S3: 1.3405 (23.6% Retracement level)

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