Overview:
- In the short term, the USD/CAD pair rebounded at the level of 1.2368 following the level of 1.2370. The level at 1.2370 will represent a new strong resistance on June 10, 2015.
- Additionally, the support was broken and turned to resistance at 1.0780. Also, it should be noted that the area of 1.2370-1.2380 is acting as a strong spot because the price set below the resistance a week ago. Furthermore, the price has still traded between 1.2370 and 1.2196.
- Therefore, the USD/CAD pair started showing signs of a bearish market. So, the market indicates the bearish opportunity at the level of 1.2370 with the first target at 1.2196.
- The USD/CAD pair is probably moving towards the level of 1.2167.
- On the other hand, the stop loss should always be taken into account, hence it will of the sagacity to set your stop loss at 1.2422.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for June 10, 2015 . Thanks for your support.
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