FxWirePro: USD/CAD key support at 1.3138, buy deals are recommended above 1.3140

USD/CAD has bounced off, after hitting support level at 1.3138 and is approaching to test resistance level at 1.3175. The support level at 1.30140 is set to hold the bears and push the pair upwards, as the US dollar has regained its strength after positive ISM non-manufacturing figures.

• The currency pair is trading at 1.3158 levels, it is expected to reach 1.3220 levels and 1.3300 levels in the short term, as the US Dollar stronger across the board against Canadian dollar.

• The immediate support can be seen at 1.3138 (61.8% Retracement level), break below this level will expose the pair to next support level at 1.3115 (Sep 1st lows).

• Major resistance can be seen at 1.3212, break above this level will expose it towards 1.3256 (23.6% Retracement level) levels.

Recommendation: Go long above 1.3140 with targets at 1.3210, 1.3270 SL 1.3040.

Resistance Levels

R1: 1.30175 (50% Retracement level)     

R2: 1.3212 (38.2% Retracement level)    

R3: 1.3256 (23.6% Retracement level)

Support Levels

S1: 1.3138 (61.8% Retracement level)    

S2: 1.3115 (Sep 1st lows)

S3: 1.3056 (Aug 19st lows)