- The USD/CAD pair declined in the US session on Monday as oil rose prices jumped towards $44per barrel and negative US new home sales weighted on the currency pair.
- Oil prices edged up extending recent gains building on three weeks higher prices and reversed earlier losses as traders booked profits.
- The currency pair is trading around 1.2846 levels and it is set to decline towards 1.2800 and 1.2750 in the short term.
- To the upside, the strong resistance can be seen at 1.2732, a break above will take the pair towards next resistance level at 1.2780.
- To the downside immediate support can be seen at 1.2640 levels, a break below will open the door towards next level at 1.2593.
Resistance Levels
R1: 1.2711 (50% Retracement level)
R2: 1.2732 (April 20th highs)
R3: 1.2780 (April 11th high)
Support Levels
S1: 1.2640 (38.2% Retracement level)
S2: 1.2593 (April 20th lows)
S3: 1.2554(23.6% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com