Overview:
- The USD/CAD pair is going to find strong resistance at the level of 1.4209 and the minor resistance has been set at 1.4133. Supports are set at the levels of 1.4012 and 1.3927, respectively. Besides, the weekly pivot point has already been set at the price of 1.4025. Equally important, the price is still moving around the key level of 1.4090 today. Moreover, the USD/CAD pair hass still been above the double top since yesterday. As a result, the price has already formed the strong support at this spot of 1.4012 and it is now approaching it in order to test it. The RSI calls for an uptrend. Therefore, the USD/CAD pair will get rather convincing upside momentum and the structure of the rise does not look corrective. Given a bullish opportunity above the 1.4012 level, it will be a good sign to buy above 1.4012 with the first target of 1.4133 (this level coincides with weekly resistance 1) and it will call for an uptrend to continue with bullish movements towards 1.4209. The level of 1.4209 will form a new double top on the H4 chart.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for January 06, 2016 . Thanks for your support.
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