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2016.10.2414:46:00UTC+00Fxwirepro: Usd/cad Hits 7-Month High, Upside Bias Remains

  • The USD/CAD inched higher on Monday as stronger dollar across the board and fall in oil prices weighted on Canadian dollar.
     
  • The price of U.S. crude was down 0.92 percent at $50.38 a barrel as Iraq said it wanted to be exempt from a deal by the Organization of the Petroleum Exporting Countries to cut production.
     
  • As long the pair trades above strong support zone located at 1.3281 levels, the ongoing bullish trend for the pair is set to continue in the short term.
     
  • The immediate support can be seen at 1.3341, break below this level will expose the pair to next support level at 1.3281.
  • Major resistance can be seen at 1.3400, break above this level will expose it towards 1.3471 levels.

    Resistance Levels

    R1: 1.3400 (38.2% Retracement level)

    R2: 1.3471 (23.6% Retracement level)

    R3: 1.3500 (Psychological levels)

    Support Levels

    S1: 1.3341 (50% Retracement level)        

    S2: 1.3281 (61.8% Retracement level)

    S3: 1.3210 (Oct 12th lows)

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