FxWirePro: USD/CAD key resistance at 1.3182, upside prevails in the short term

 

• USD/CAD is approaching support level at 1.3118, the support level at, 1.3100  is set to hold the bears and push the pair further upside towards 1.3180 and 1.3220  levels in the short term.

• The currency is trading at 1.3130 levels, the immediate support can be seen at 1.3118 (Aug 10^th lows), break below this level will expose the pair to next support level at 1.3090.

• Major resistance can be seen at 1.3182 (38.2% Retracement level), break above this level will expose it to the 1.3210 handle.

Recommendation: Go long above 1.3120 with Targets at 1.3180, 1.3220 SL 1.3000.

Resistance Levels

R1: 1.3136 (38.2% Retracement level)

R2: 1.3182(23.6% Retracement level)

 R3: 1.3211 (Aug 5^th high)

Support Levels

S1: 1.3118 (Aug 10^th lows)                                                            

S2: 1.3100 (Aug 6^th lows)

S3: 1.3062 (61.8% Retracement level of 1.2941 to 1.3255)