FxWirePro: USD/CAD approaching resistance level at 1.2995, upside prevails in the short term

 

• USD/CAD is approaching resistance level at 1.2995, the support level at, 1.2866 (61.8% Retracement level) is set to hold the bears and push the pair further upside towards 1.2980 and 1.3050  level in the short term.

• The currency is trading at 1.2940 levels, the immediate support can be seen at 1.2911 (July 28^th lows), break below this level will expose the pair to next support level at 1.2866 (61.8% Retracement level).

• Major resistance can be seen at 1.3072 (23.6% Retracement level) , break above this level will expose it to the 1.3100 handle.

Recommendation: Go long above 1.2940 with Targets at 1.2980, 1.320 SL 1.2870.

Resistance Levels

R1: 1.2955 (38.2% Retracement level)

R2: 1.3011 (23.6% Retracement level)

 R3: 1.3051 (July 24^th high)

Support Levels

S1: 1.2911 (July 28^th lows)                                            

S2: 1.2866 (61.8% Retracement level)    

S3: 1.2810