Overview :
- The market of the USD/CAD pair is going to continue to show signs of weakness following at the level of 1.0980 (38.2% of Fibonacci retracement levels). Hence, the level of 1.0980 is representing strong resistance on the last day of May. Therefore, the USD/CAD pair support had broken and turned to resistance a month ago (1st of May 2014). Additionally, according to the previous events, the price has still been trapped between 1.0930 and 1.0813. Consequently, if the trend cannot break and close above the level of 1.0923, then it will be a downside momentum rather convincing and the structure of the fall does not look corrective, so the market will indicate a bearish opportunity at 1.0923 for that it will be a good sign to sell at this level in order to continue downward towards 1.0813 to test double bottom. Moreover, if the USD/CAD pair breaches the double bottom at the level of 1.0813 then the trend will formed a new minimum price around 1.0775.
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 May 30, 2014 . Thanks for your support on Technical analysis of USD/CAD for May 30, 2014
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