Fxwirepro: Usd/cad Finds Support at 1.3230, Buy Deals are recommended Above 1.3235
USD/CAD made a short squeeze in the early US session after retail sales data was released, however gains were limited as the pair has turned back and is approaching support level at 1.3234. The pair is set to consolidate well above 1.3234 area, as this area has constantly been a strong recovery zone for the pair off late. Therefore, it’s good to buy at around 1.3230 levels USD/CAD.The currency pair is trading at 1.3240 levels, it is expected to reach 1.3280 levels and 1.3350 USD/CAD levels in the short term.
The immediate support can be seen at 1.3234, break below this level will expose the pair to next support level at 1.3209 (Sep 9th lows).>Major resistance can be seen at 1.3274 USD/CAD, break above this level will expose it towards 1.3310 levels.Recommendation:
Go long above 1.3230 with targets at 1.3280, 1.3350 SL 1.3100.Resistance LevelsR1: 1.3268 (Sep 14th high)R2: 1.3274 USD/CAD (23.6% Retracement level) R3: 1.3310 (Sep 11th high)Support Levels
S1: 1.3234 (38.2% Retracement level)S2: 1.3209 (Sep 9th lows)S3: 1.3186 USD/CAD (50% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com