Fxwirepro: Usd/cad Key Support at 1.3171, Upside Prevails in the Short Term

• USD/CAD has retreated after hitting minor resistance level at 1.3288 and is approaching support level at 1.3171. Strong rebound is expected around 1.3140-1.3170 area, therefore its good to enter long around this area.

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

• The immediate support can be seen at 1.3205, break below this level will expose the pair to next support level at 1.3171 (61.8% Retracement level).

• Major resistance can be seen at 1.3276 (50% Retracement level), break above this level will expose it towards 1.3340 levels.

Recommendation: Go long above 1.3170 with targets at 1.3250, 1.3280 SL 1.3060.

Resistance Levels

R1: 1.3240 (38.2% Retracement level)

R2: 1.3279 (23.6% Retracement level)    

R3: 1.3340 (Aug 26^th high)

Support Levels

S1: 1.3205 (50% Retracement level)                        

S2: 1.3171 (61.8% Retracement level)

S3: 1.3142 (Aug 25^th lows)

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