Fxwirepro: Usd/cad Key Support at 1.3059, Upside Prevails in the Short Term

• USD/CAD has slipped after hitting resistance level at 1.3124 and is trading at 1.3104. The 1.3060 leves has been strong resistance level in the recent past. Bullish rebound is set to take off around 1.3030 levels, as this area has traditionally been a recovery zone for the bulls in the recent days.

• The currency pair is expected to reach higher levels, as the Canadian dollar has weakened against dollar due to falling oil prices. The immediate support can be seen at 1.3091 (August 18^th lows), break below this level will expose the pair to next support level at 1.3059 (61.8% Retracement level).

• Major resistance can be seen at 1.3152 (Aug 17^th high), break above this level will expose it to the 1.3185 levels.

Recommendation: Go long above 1.3060 with targets at 1.3090, 1.3120 SL 1.2900.

Resistance Levels

R1: 1.3126 (Aug 18^th high)

R2: 1.3152 (Aug 17^th high)

R3: 1.3185(Aug 7th high)

Support Levels

S1: 1.3091 (August 18^th lows)                      

S2: 1.3059(61.8% Retracement level)

S3: 1.3022 (50% Retracement level)         

The material has been provided by InstaForex Company – www.instaforex.com