Overview :
- The USD/CAD pair rebounded at the level of 1.0630 again, and it showed signs of strength following the level of 1.1060. Additionally, the resistance was broken and turned to support at the same key level (1.0600). Moreover, we expect a range between the levels of 1.0603 and 1.0730. Equally important, the price set above the support since the end of 2013 (16/12/2013). Consequently, the pair has already formed a strong support at 1.0600. Therefore, the USD/CAD pair started showing the signs of bullish market, so the market indicates the bullish opportunity at the level of 1.0603 with the first target of 1.0680, and continues towards the level of 1.0715. On the other hand, the stop loss should always be taken into account, hence it will of the discernment to set your stop loss at the 1.0575 price.
Notes :
- The weekly resistance is going to set at the level of 1.0730.
- The support has already set at 1.0602, this level is coinciding with the ratio of 38.2% Fibonacci retracement level.
- We expect a range around 130 pips this week.
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 July 3, 2014 . Thanks for your support on Technical analysis of USD/CAD for July 3, 2014
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