FxWirePro: USD/CAD key support at 1.3240, upside prevails in the short term

USD/CAD has rebounded from 1.3227 levels and is approaching to test support level at 1./CAD is expected to reach higher levels in the short term. Therefore, it's good to go long on this pair around 1.3230 price areas.

• The currency pair is trading at 1.3270 levels, it is expected to reach 1.3300 levels and 1.3340 levels in the short term, as the US Dollar stronger across the board against Canadian dollar.

• The immediate support can be seen at 1.3240 (38.2% Retracement level), break below this level will expose the pair to next support level at 1.3205.

• Major resistance can be seen at 1.3303 (Aug 28h high), break above this level will expose it towards 1.3340 levels.

Recommendation: Go long above 1.3240 with targets at 1.3300, 1.3340 SL 1.3160.

Resistance Levels

R1: 1.3283 (23.6% Retracement level)    

R2: 1.3303 (Aug 28h high)             

R3: 1.3343 (Aug 26th high)

Support Levels

S1: 1.3240 (38.2% Retracement level)                    

S2: 1.3205 (50% Retracement level)

S3: 1.3170 (61.8% Retracement level)