- USD/CAD has slipped towards 1.3250 levels after failing to break minor resistance level located at 1.3295 in the early European session today. However, the pair has managed to rebound after testing support level located at 1.3250.
- Currently the pair is making an attempt to test resistance level at 1.3295. The support level at 1.3250 is set to act as strong barrier to bears and initiate a bullish momentum towards 1.3350 and later towards 1.3380 levels. Therefore, it’s good to buy this pair around 1.3270 levels.
- To the upside, the strong resistance can be seen at 1.3295, a break above this level would take the pair towards next resistance level at 1.3320.
- To the downside immediate support can be seen 1.3250, a break below this level will open the door towards next level at 1.3188.Recommendation: Go long around 1.3270, targets 1.3330, 1.3370, SL 1.3200Resistance LevelsR1: 1.3295 (38.2% Retracement level) R2: 1.3320 (Nov 6th high)R3: 1.3354 (23.6% Retracement level)Support LevelsS1: 1.3250 (Daily lows)S2: 1.3238 (50% Retracement level)S3: 1.3188 (61.8% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com