- USD/CAD made a short squeeze towards 1.3329 in the early US session after US Core CPI figures was released, however gains were limited as the pair has turned back around to trade near 1.3294 support level. The pair is set to consolidate well above 1.3300 area, as this area has formed a strong support zone for the pair off late. Therefore, it’s good to buy at around 1.3300 levels.The currency pair is trading at 1.3315 levels, it is expected to reach 1.3360 levels and 1.3390 levels in the short term.
- The immediate support can be seen at 1.3294, break below this level will expose the pair to next support level at 1.3265.
- Major resistance can be seen at 1.3330, break above this level will expose it towards 1.3371 levels.Recommendation: Go long around 1.3300 with targets at 1.3360, 1.3390 SL 1.3240.Resistance LevelsR1: 1.3330 (Daily high) R2: 1.3356 (23.6% Retracement level) R3: 1.3371 (Nov 16th high)Support LevelsS1: 1.3294 (38.2% Retracement level)S2: 1.3265 (Nov 11th lows) S3: 1.3243 (50% Retracement level)
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