FxWirePro: USD/CAD key support at 1.3184, upside prevails in the short term

USD/CAD has retreated after hitting minor resistance level at 1.3288 and is approaching to support level at 1.3184. The 1.3184 levels are set to hold the bears and push the bears upwards, as this level has turned into strong resistance zone recently.

• The currency pair is trading at 1.3190 levels, it is expected to reach higher levels  in the short term, as the US Dollar is stronger against Canadian $  .

• The immediate support can be seen at 1.3184(61.8% Retracement level), break below this level will expose the pair to next support level at 1.3154(Aug 17th high).

• Major resistance can be seen at 1.3276 (50% Retracement level), break above this level will expose it towards 1.3336 levels.

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

Resistance Levels

R1: 1.3276 (Anchor50% Retracement level)        
R2: 1.3336(38.2% Retracement level)     
R3: 1.3427(23.6% Retracement level)

Support Levels

S1: 184(61.8% Retracement level)                     
S2: 1.3154(Aug 17th high)
S3: 3091 (23.6% Retracement level)