- USD/CAD has jumped towards 1.3380 levels after nonfarm payrolls printed better than expected reading. However, a bunch of Canadian economic data disappointed with negative figures. further decline is expected to be limited around 1.3330 levels as the strong support formed around 1.3315 levels is set hold the bears from falling further below, therefore, its good to buy this pair on dips.
- Currently the pair trading around 1.3380 levels, and it is set to reach 1.3430 and 1.3480 levels in the short term.
- The immediate support can be seen at 1.3365, break below this level will expose the pair to next support level at 1.3280.
- Major resistance can be seen at 1.3387, break above this level will expose it towards 1.3430 levels.Recommendation: Go long above 1.3350 with targets at 1.3400, 1.3450 SL 1.3260.Resistance LevelsR1: 1.3387 (23.6% Retracement level) R2: 1.3400 (Psychological)R3: 1.3435 (Nov 13th high)Support LevelsS1: 1.3365 (Dec 1st lows)S2: 1.3315 (38.2% Retracement level) S3: 1.3256 (50% Retracement level)
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