FxWirePro: USD/CAD key support at 1.3228, buy deals are recommended above 1.3230

USD/CAD has slipped back towards 1.3212 levels, after a brief bullish surge towards 1.3287 yesterday. The Canadian dollar has gathered some momentum against its U.S. counterpart, in the backdrop of yesterday's decision by Bank of Canada which held interest rate unchanged. However, USD/CAD has consolidated above 50% fib level 1.3188 and is rebounding towards higher levels. Therefore, it's good to enter long order above 1.3200 levels.

• The currency pair is trading at 1.3251 levels, it is expected to reach 1.3280 levels and 1.3320 levels in the short term.

• The immediate support can be seen at 1.3228 (38.2% Retracement level), break below this level will expose the pair to next support level at 1.3188.

• Major resistance can be seen at 1.3285, break above this level will expose it towards 1.3325 (Sep 2nd) levels.

Recommendation: Go long above 1.3210 with targets at 1.3260, 1.3300 SL 1.3100.

Resistance Levels

R1: 1.3275 (23.6% Retracement level)

R2: 1.3285(Sep 8th high)

R3: 1.3325 (Sep 2nd)

Support Levels

S1: 1.3228 (38.2% Retracement level)    

S2: 1.3188 (50% Retracement level)        

S3: 1.3150(61.8% Retracement level)