FxWirePro: USD/CAD key support at 1.3200, bullish in the short term

 

• USD/CAD pair has jumped towards 1.3272 after the release positive Non-farm payroll data . Currently the pair is making an attempt to reach resistance level at 1.3272. Canadian dollar is set to reach higher level, as the pair is supported strongly around 1.3122 levels and the price action is set to reach towards 1.3380 levels sooner or later. Therefore, it's good to buy this pair above 1.3240 levels.
  
  
• To the upside, the strong resistance can be seen at 1.3272, a break above this level would take the pair towards next resistance level at 1.3360.
  
  
• To the downside immediate support can be seen 1.3251, a break below this level will open the door towards next level at 1.3122.

Recommendation: Go long around 1.3240, targets 1.3300, 1.3350, SL 1.3180

Resistance Levels

R1: 1.3272(Daily high)                      

R2: 1.3360 (Aug 25^th high)

R3: 1.3458 (Sep 9^th high)

Support Levels

S1: 1.3251 (23.6% Retracement level)

S2: 1.3122 (38.2% Retracement level)

S3: 1.3036 (50% Retracement level)