Overview:
- The USD/CAD pair will set a strong support at the level of 1.3108 and resistance stands at 0.3238 today. Equally important, the price has still been moving around the key level at 1.3166 for a while. Moreover, the USD/CAD pair has still been above 50% of Fibonacci retracement levels since last week as shown on the hourly chart. Another thought, the RSI is calling for an uptrend. As a result, the price has already formed the strong support at this spot of 1.3107. Now, it is approaching it in order to test it. Therefore, the USD/CAD pair will get an upside rather convincing momentum and the structure of the rise does not look corrective. For indicating a bullish opportunity above the 1.3110 level, it will be a good sign to buy above 1.3110 with the first target of 1.3205 (this level coincides with the weekly pivot point) and it will call for an uptrend towards 1.3238.
Observations:
- The USD/CAD pair was calling for the bullish market from the level of 1.3110 today.
- The level of 1.3110 represents support 1.
- The weekly pivot point will be set at the price of 1.3205 .
- If the trend is of an upside character, then the strength of the currency will be defined as following: USD is in the uptrend and CAD is in the downtrend.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for November 6, 2015 . Thanks for your support.
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