FxWirePro: USD/CAD key resistance at 1.3078, upside prevails in the short term

 

 

• USD/CAD has slipped after hitting daily 50% (fib expansion) at 1.3076 and is trading at 1.3062. 1.3000 levels are very strong for the bears to break. Bullish rebound is set to take off around 1.3030 levels, as this area has traditionally been a recovery zone for the bulls in the recent days.

• The currency pair is trading at 1.3068 levels, the immediate support can be seen at 1.3053 (50% Retracement level), break below this level will expose the pair to next support level at 1.3029 (61.8% Retracement level).

• Major resistance can be seen at 1.3078 (38.2% Retracement level), break above this level will expose it to the 1.3108 (23.6% Retracement level).

 

Recommendation: Go long above 1.3040 with targets at 1.3080, 1.3120 SL 1.2900.

Resistance Levels

R1: 1.3078 (38.2% Retracement level)

R2: 1.3108 (23.6% Retracement level)

R3: 1.3156 (Aug 12th high)

Support Levels

S1: 1.3053 (50% Retracement level)                        

S2: 1.3029 (61.8% Retracement level)

S3: 1.3000 (Psychological level)