FxWirePro: USD/CAD key support at 1.31150, buy deals are recommended above 1.3155

USD/CAD has slipped back towards 1.3160 levels, after Bank of Canada announced interest rate at 0.50%.The support level at 1.30150 is set to hold the bears and push the pair upwards, as the US dollar has been stronger against Canadian dollar.

• The immediate support can be seen at 1.3150 (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 1.3225, break above this level will expose it towards 1.3270 levels.

Recommendation: Go long above 1.3155 with targets at 1.3210, 1.3260 SL 1.3040.

Resistance Levels

R1: 1.3188 (50% Retracement level)        

R2: 1.3226 (38.2% Retracement level)

R3: 1.3262 (Sep 9th high)

Support Levels

S1: 1.3150 (61.8% Retracement level)    

S2: 1.3115 (Sep 1st)         

S3: 1.3060 (Aug 28th lows)