FxWirePro: USD/CAD key support at 1.3277, upside prevails in the short term

USD/CAD has bounced after hitting support level at 1.3277 and is approaching to test resistance level at 1.3305. The support levels at 1.3277 is set to hold the bears and push the pair upwards, as the US dollar has regained its strength against the Canadian dollar.

• The currency pair is trading at 1.3302 levels, it is expected to reach higher levels in the short term, as the US Dollar broadly stronger across the board as the US Core durable goods orders printed positive figures.

• The immediate support can be seen at 1.3277 (38.2% Retracement level), break below this level will expose the pair to next support level at 1.3256.

• Major resistance can be seen at 1.3327 (Aug26th high), break above this level will expose it towards 1.3353 (Aug 25th high).

Recommendation: Go long above 1.3260 with targets at 1.3330, 1.3360 SL 1.3170.

Resistance Levels

R1: 1.3305 (23.6% Retracement level)

R2: 1.3327 (Aug26th high)            

R3: 1.3353 (Aug 25th high)

Support Levels

S1: 1.3277 (Anchor38.2% Retracement level)                    

S2: 1.3256 (50% Retracement level)

S3: 1.3230 (61.8% Retracement level)