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2016.05.1708:27:00UTC+00Fxwirepro: Usd/cad Strongly Bearish Despite Upside Attempts

  • The USD/CAD pair inched higher on Tuesday as crude oil prices declined, with the currency pair pulling back from daily lows reached in the early European  session.
     
  • The pair hit low at 1.2833 before recovering to trade around 1.2930 levels in the early US session.
     
  • As long the pair trades below strong resistance located at 1.2995 levels, the ongoing bearish trend for the pair is set to continue.
     
  • The immediate support can be seen at 1.2876, break below this level will expose the pair to next support level at 1.2833.
     
  • Major resistance can be seen at 1.2995, break above this level will expose it towards 1.3050 and beyond.

    Resistance Levels

    R1: 1.2941 (38.2% Retracement level)

    R2: 1.2995 (50% Retracement level)

    R3: 1.3050 (61.8% Retracement level)

    Support Levels

    S1: 1.2876 (38.2% Retracement level)    

    S2: 1.2833 (Daily lows)

    S3: 1.2768 (May 12th lows)

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