FxWirePro: USD/CAD key support at 1.3104, upside prevails in the short term

USD/CAD has rebounded after hitting minor support level at 1.3115, after the currency pair fell sharply after positive Canadian GDP figures was released. Strong résistance located at 1.3104 is set to block any further decline in this pair, therefor its good to go long around this area.

• The currency pair is trading at 1.3145 levels, it is expected to reach 1.3200 levels and 1.3250 levels in the short term, as the US Dollar is stronger across the board against Canadian dollar.

• The immediate support can be seen at 1.3104, break below this level will expose the pair to next support level at 1.3058 levels.

• Major resistance can be seen at 1.3197 (38.2% Retracement level), break above this level will expose it towards 1.3232 (Sep 1st high).

Recommendation: Go long above 1.3103 with targets at 1.3180, 1.3240 SL 1.3040.

Resistance Levels

R1: 1.3197 (38.2% Retracement level)    

R2: 1.3232 (Sep 1st high)              

R3: 1.3256 (23.6% Retracement level)

Support Levels

S1: 1.3153 (50% Retracement level)        

S2: 1.3104 (61.8% Retracement level)

S3: 1.3058 (Aug 27th lows)