FxWirePro: USD/CAD key support at 1.3148, buy deals are recommended above 1.3160

 

 

• USD/CAD has bounced off, after hitting minor support level at 1.3160 after nonfarm payroll data was released from US market, currently the currency  pair  is testing resistance level at 1.3226. The support level at 1.30148 is set to hold the bears and push the pair upwards, therefore it is good to buy this pair at dips.

• The currency pair is trading at 1.3224 levels, it is expected to reach 1.3260 levels and 1.3320 levels in the short term, as the US Dollar is stronger across the board against Canadian dollar.

• The immediate support can be seen at 1.3189 (50% Retracement level), break below this level will expose the pair to next support level at 1.3148 (61.8% Retracement level).

• Major resistance can be seen at 1.3276 (23.6% Retracement level), break above this level will expose it towards 1.3300 levels.

 

Recommendation: Go long above 1.3160 with targets at 1.3260, 1.320 SL 1.3040.

Resistance Levels

R1: 1.30227(38.2% Retracement level)   

R2: 1.3276 (23.6% Retracement level)    

R3: 1.3325 (Sep 2^nd High)

Support Levels

S1: 1.3189 (50% Retracement level)        

S2: 1.3148 (61.8% Retracement level)

S3: 1.3116 (Sep 1^st lows)