Overview:
- The USD/CAD pair found resistances at the level of 1.3800, 1.3825, and 1.3873. Also, it should be noted that the double tops had already been placed at 1.3773. Consequently, bears are going to sell below above-mentioned resistances because the trend is expected to move between the levels of 1.3825 and 1.3668. So, we should be aware that resistance is seen at 1.3825. Therefore, swing trade in the area of 1.3825 in order to sell with a target at 1.3668 (the key price) is favorable. It might resume to 1.3578 to retest support in the H4 chart. Additionally, the trend will call for a bearish market at the level of 1.3825 in case of breaking this level because there is a bearish channel. Stop loss should never exceed your maximum exposure amounts. Thus, set stop loss above 1.3885. However, bulls are going to buy above 1.3880 in the long term with the first target at 1.3918, it might resume towards 1.3966; because if the market calls for bullish sentiment, then the price will form a new double top at the level of 1.3966.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for December 16, 2015 . Thanks for your support.
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