Technical analysis of USD/CAD for March 10, 2015 Market Analysis Review

Overview :

• The USD/CAD pair has already formed a strong resistance at the level of 1.2779. Furthermore, the double top has been set at the price of 1.1297 and the same level coincides with the ratio of 100% Fibonacci retracement levels on the H4 chart. It isqually important that a major support will be set at the level of 1.2326 at the ratio of 61.8% Fibonacci retracement levels, but the minor support has been just set at the level of 1.2533 at the same time frame. As it is shown, the price of the USD/CAD pair has been moving between 1.2533 and 1.2720. Also, it should be mentioned that the price moved higher to 1.2651 and turned lower. So, in the long term the range will be about 210 pips (1.2560 - 1.2770). Additionally, the RSI and the moving average (50) are still calling for an uptrend. Consequently, the market is going to indicate bullish opportunities at the levels of 1.2533/1.2560 with the first target of 1.2666 and continuing towards 1.2780 in order to test the resistance at the price of 1.2779. On the other hand, if the price closes below 1.2533, it will call for a bearish market to go further towards the major support at 1.2326 to test it again.

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