Technical analysis of USD/CAD for March 25, 2015 Market Analysis Review

Overview :

• The resistance of the USD/CAD pair has been broken and turned to support at the same key level of 1.2316. So, support levels have already been set at 1.2316 and 1.2443 for March 25-27, 2015. Equally important, the trend was calling for a bullish market and the price set above the support for ten weeks (since January 21, 2015). We expect a range of 160 pips in coming days another thought. As expected, the price is going to move between 1.2450 and 1.2610 (1.2610 - 1.2450 = 0.0160). Therefore, the USD/CAD pair started showing the signs of bullish market from the level of 1.2450. Consequently, the market indicates bullish opportunity at the level of 1.2450 (buyers are bidding at a lower price) with the first target at 1.2523, and continues towards the level of 1.2613. It should be noted that the level of 1.2613 represents strong resistance because it coincides with the ratio of 78.6 Fibonacci retracement levels. The pair is going to form strong resistance at the level of 1.2613 this week. On the other hand, the stop loss should always be taken into account. Thus, it is likely to be the foresight to set your stop loss at 1.2315.

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