Technical analysis of USD/CAD for October 1, 2015 Market Analysis Review

Overview:

The support will be set at the level of 1.3232 and the double bottom is going to be at 1.3181. According to the previous events, the price of USD/CAD is still trapped between 1.3232 and 1.3360. The level of 1.3232 is representing the daily pivot point. It should be noted that the daily pivot point is coinciding with the ratio of 50% Fibonacci retracement levels. So, USD/CAD has called for the bullish market from the prices of 1.3181 and 1.3232 because the prices of 1.3181 and 1.3232 are representing strong supports. It is preferable to buy above the minor support at 1.3232 with the first target at 1.3286 in order to test the ratio of 61.8% of Fibonacci retracement. Moreover, if the pair breaks the price of 1.3286, it is going to continue moving towards 1.3360. However, the stop loss has always been in consideration thus it will be useful to set it below the last double bottom at the level of 1.3181.

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