Overview :
- The USD/CAD pair is going to call for a sideways market this week because the price will probably be trapped between the level of 1.0730 and the 1.0600 level in order to form a range of 130 pips. The support is set at the level of 1.0603. Therefore, the bulls are going to buy above the level of 1.0603 with a first target of 1.0680, it might resume to 1.0730. It should be also noted that a double top is going to set at the price of 1.0750, for that a stop loss should never exceed your maximum exposure amounts. Hence, set stop loss below 1.0570.
- On the other hand, the resistance is set at the level of 1.0730. So, the trend will call for a bearish market at the level of 1.0735 since there is a minor bearish channel. Thus, sell at 1.0735 with a target of the 1.06150 level.
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 8, 2014 . Thanks for your support on Technical analysis of USD/CAD for July 8, 2014
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