FxWirePro: USD/CAD key resistance at 1.3248, buy deals are recommended above 1.3100

USD/CAD has slipped backwards after finding resistance at 1.3130 in the early US session. However, the pair is expected to rebound strongly around 1.3100 levels as the pair is strongly supported around 1.3100 psychological levels, therefore its good buy this pair around 1.3100 levels.

• The currency pair is trading at 1.3130 levels, it is expected to reach 1.3160 levels and 1.3200 levels in the short term, as the US Dollar is stronger across the board against Canadian dollar ahead of this week's key FOMC meeting.
   
• The immediate support can be seen at 1.3124 (38.2% Retracement level), break below this level will expose the pair to next support level at 1.3088 (50% Retracement level).
   
• Major resistance can be seen at 1.3200 (Psychological levels), a break above this level will expose it towards 1.3248 levels.
   
• Recommendation: Go long above 1.3100 with targets at 1.3160, 1.3200 SL 1.3050.

Resistance Levels

R1: 1.3175 (23.6% Retracement level)    

R2: 1.3200 (Psychological levels)               

R3: 1.3248 (Oct 2nd high)

Support Levels        

S1: 1.3124 (38.2% Retracement level)    

S2: 1.3088 (50% Retracement level)        

S3: 1.3050 (61.8% Retracement level)