Fxwirepro: Usd/cad Key Support at 1.3206, Buy Deals are recommended Above 1.3210

• USD/CAD has slipped back towards 1.3234 levels, after failing to hold above 1.3300 levels, after a brief bullish surge towards 1.3308 yesterday. The pair may extend its weakness up to 1.3200 (61.8% Fib retracement level) and consolidate well above this this area, as this area has been a strong recovery zone for the pair. Therefore, it’s good to entry long order above 1.3200 levels.

• The currency pair is trading at 1.3233 levels, it is expected to reach 1.3260 levels and 1.3300 levels in the short term. The US Dollar is set to gain against Canadian dollar as the  volumes in the market were low as the US and Canada were on holiday on account of labour day yesterday.

• The immediate support can be seen at 1.3206 (61.8% Retracement level), break below this level will expose the pair to next support level at 1.3160 (Sep 4th lows).

• Major resistance can be seen at 1.3261, break above this level will expose it towards 1.3300  levels.

Recommendation: Go long above 1.3210 with targets at 1.3260, 1.3300 SL 1.3100.

Resistance Levels

R1: 1.3261 (38.2% Retracement level)    

R2: 1.3282 (Sep 7^th high)               

R3: 1.3295 (23.6% Retracement level)

Support Levels

S1: 1.3234 (50% Retracement level)        

S2: 1.3206 (61.8% Retracement level)    

S3: 1.3160(Sep 4th lows)

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