Overview :
- The USD/CAD pair is going to call for a bullish market on July 15, 2014. The price will probably move between the 1.0620 and 1.0788 levels in order to form a range of 168 pips this week. Additionally, the price of 1.0620 is representing a double bottom in the H1 chart. So, the area between 1.0620 - 1.0600 is acting as strong support today. Therefore, the bulls are going to buy above 1.0620 with a first target of 1.0750, it might resume to 1.0790. It should be also noted that a double top is going to set at the level of 1.0825. However, the stop loss should never exceed your maximum exposure amounts. Hence, set stop loss below the support at the level of 1.6000.
- On the other hand, the resistance is set at the level of 1.0725. So, the trend will call for a bearish market at the level of 1.0790 in the short term. Thus, it will be rather gainful to sell below the price 1.0790 and look for further downside for 1.0730 and 1.0660 targets.
The material has been provided by InstaForex Company - www.instaforex.com
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