FxWirePro: USD/CAD key resistance at 1.3036, upside prevails in the short term

 

• The pair is retreated from daily highs 1.3109 hit earlier after the release of ADP employment data, currently the pair is trying to approach resistance level at 1.3105. 1.3030 levels has been strongly supportive and is set to defend against the bears, as this area has been strong recover zone for the pair.  The pair is expected to continue its bullish bias further, as long as the pair trades above 1.3036 levels. Therefore, its good to buy this pair on dips.
  
  
• The currency pair is trading at 1.3105 levels, the immediate support can be seen at 1.3053, break below this level will expose the pair to next support level at 1.3036.
  
  
• Major resistance can be seen at 1.3142, break above this level will expose pair to 1.3170 levels .

Recommendation: Go long above 1.3050 with targets at 1.3150, 1.3200 SL 1.2950.

Resistance Levels

R1: 1.3105 (38.2% Retracement level)

R2: 1.3142 (Oct 21^st high)

R3: 1.3170 (23.6% Retracement level)

Support Levels

S1: 1.3053 (July 29^th high)                                             

S2: 1.3036 (Nov 3rd Lows)            

S3: 1.3000 (61.8% Retracement level)