USD/CAD has been in a downtrend from 1.1279 levels. In Asia's trading session, the pair is trading at 1.0976 levels. The pair is taking support at 1.0955 level (March 06 low). In the H4 chart, RSI is giving a positive divergence. I expect the price to move upwards to the 1.1, above this, 1.1030 levels. Short covering will take place once the pair crosses above the 1.1030 to 1.1045 and 1.1066 levels. The short-term trend will change once the pair crosses above the 1.1078 (March 28 high).
For positional view-
On the down side, below 1.0955, a March 26 low, the bulls have final support at 1.09 levels. This is sl for my pullback view. Below 1.09, bears trumpet will stay on up to 1.0843, 1.08 and 1.7249. In case of a day close above the 1.1078 levels, the bulls trumpet will stay on up to 1.1107 and 1.1170 levels. If the level of 1.1078 is not crossed in 2 days, huge selling will take place for new lower targets.
Recommendation - cmp 1.0971.
Buy at the current market price or in a dip up to 1.0910 with sl 1.09 and targets at 1.1, 1.1030 1.1065, and 1.1078 levels.
The material has been provided by InstaForex Company - www.instaforex.com
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