FxWirePro: USD/CAD key support at 1.3053, upside prevails in the short term

• USD/CAD has slipped after hitting resistance level at 1.3176 and is trading at 1.3089. The 1.3050 levels has been strong recovery zone for the currency pair in the recent past. Bullish rebound is set to take off around 1.3060 levels.

• The currency pair is trading at 1.3089 levels, it is expected to reach higher levels, as the Canadian dollar has weakened against dollar due to falling oil prices.

• The immediate support can be seen at 1.3082 (50% Retracement level), break below this level will expose the pair to next support level at 1.3053(61.8% Retracement level).

• Major resistance can be seen at 1.3151 (23.6% Retracement level) ,break above this level will expose it to the 1.3175 levels.

Recommendation: Go long above 1.3060 with targets at 1.3120, 1.3160 SL 1.2930.

Resistance Levels

R1: 1.3112 (38.2% Retracement level)    

R2: 1.3151 (23.6% Retracement level)

R3: 1.3176(Aug 20th high)

Support Levels

S1: 1.3082 (50% Retracement level)                        

S2: 1.3053(61.8% Retracement level)

S3: 1.3023 (Aug 19^th lows)