FxWirePro: USD/CAD key resistance level at 1.3185, upside prevails in the short term

 

• USD/CAD is approaching resistance level at 1.3185, the support level at, 1.3118  is set to hold the bears and push the pair further upside towards 1.3200 and 1.3260  levels in the short term.

• The currency is trading at 1.3174 levels, the immediate support can be seen at 1.3122, break below this level will expose the pair to next support level at 1.3059 (61.8% Retracement level).

• Major resistance can be seen at 1.3185 (38.2% Retracement level), break above this level will expose it to the 1.3260 handle.

Recommendation: Go long above 1.3160 with Targets at 1.3200, 1.3260 SL 1.3045.

Resistance Levels

R1: 1.3185 (38.2% Retracement level)

R2: 1.3263 (23.6% Retracement level)

 R3: 1.3273

Support Levels

S1: 1.3122 (50 % Retracement level)                                                       

S2: 1.3059 (61.8% Retracement level of 1.2855 to 1.3889)              

S3: 1.2981 (July 27^th lows)