FxWirePro: USD/CAD key support at 1.3171, upside prevails in the short term

USD/CAD has retreated from 1.3300 levels and is approaching to test support level at 1.3205. A rebound is expected to take place sooner or later, as the pair is certain to reach higher levels in the short term. therefore, it's good to enter long order around 1.3190 price area.

• The currency pair is trading at 1.3230 levels , it is expected to reach higher levels in the short term, as the US Dollar is stronger across the board after positive US macroeconomic  data in the recent days.

• The immediate support can be seen at 1.3205, break below this level will expose the pair to next support level at 1.3171 (61.8% Retracement level).

• Major resistance can be seen at 1.3276 (50% Retracement level), break above this level will expose it towards 1.3340 levels.

Recommendation: Go long above 1.3190 with targets at 1.3250, 1.3280 SL 1.3100.

Resistance Levels

R1: 1.3240 (38.2% Retracement level)

R2: 1.3279 (23.6% Retracement level)    

R3: 1.3340 (Aug 26th high)

Support Levels

S1: 1.3205 (50% Retracement level)                        

S2: 1.3171 (61.8% Retracement level)

S3: 1.3142 (Aug 25th lows)