Overview :
- As expected, the USD/CAD pair rebounded at the level of 1.1100, and showed signs of strength after it. Additionally, the resistance was broken and turned to support at the same key level (1.1100). Equally important, the price has set above the support since March 28, 2014. Consequently, the pair has already formed the strong support at 1.1100 and it should also be noted that the tripple bottom is going to set around this area. Furthermore, the price has still been trapped between 1.1110 and 1.1185. Therefore, the USD/CAD pair started showing the signs of bullish market, so the market indicates the bullish opportunity at the level of 1.1100 with the first target of 1.1180, and continues towards the level of 1.1140 again.
- On the other hand, the stop loss should always be in account, thence it will of the wisdom to set your stop loss at the 1.1070 price.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of USD/CAD for April 4, 2014 . Thanks for your support on Technical analysis of USD/CAD for April 4, 2014
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