- Canadian dollar declined against US dollar on Friday, as the pair bounced higher after crude oil prices fell towards $48 per barrel, moving away from seven month high hit a day earlier.
- The intraday trend remains bullish for the pair as the oil co-related Canadian dollar is weaker against US dollar ahead of Fed Janet Yellen speech.
- The currency pair is trading at 1.3054 levels, it is expected to reach 1.3100 levels and later 1.3140 levels in the short term.
- The immediate support can be seen at 1.3012, break below this level will expose the pair to next support level at 1.2966.
- Major resistance can be seen at 1.3103, break above this level will expose it towards 1.3134 levels.
Resistance Levels
R1: 1.3057 (38.2% Retracement level)
R2: 1.3103 (23.6% Retracement level)
R3: 1.3134 (May 25th high)
Support Levels
S1: 1.3012 (38.2% Retracement level)
S2: 1.2966 (61.8% Retracement level)
S3: 1.2907 (Jan 13th lows)
The material has been provided by InstaForex Company – www.instaforex.com