FxWirePro: USD/CAD approaching resistance level at 1.3138, upside prevails in the short term

 

• USD/CAD is approaching resistance level at 1.3138, the support level at, 1.3091 (61.8% Retracement level) is set to hold the bears and push the pair further upside towards 1.3160 and 1.3200  levels in the short term.

• The currency is trading at 1.3129 levels, the immediate support can be seen at 11.3091, break below this level will expose the pair to next support level at 1.3029 (July 24^th lows).

• Major resistance can be seen at 11.3178 (38.2% Retracement level), break above this level will expose it to the 1.3200 handle.

Recommendation: Go long above 1.3100 with Targets at 1.3180, 1.3200 SL 1.2960.

Resistance Levels

R1: 1.3138 (50 % Retracement level)

R2: 1.3178 (38.2% Retracement level)

 R3: 1.3241 (23.6% Retracement level)

Support Levels

S1: 1.3091 (61.8% Retracement level)                                                    

S2: 1.3029 (July 24^th lows)            

S3: 1.29990 (July 27^th lows)