Overview:
- TThe USD/CAD pair has broken major resistance at 1.4385. Now the level of 1.4385 acts as support for this week. Besides, the weekly pivot point is set at 1.4385 and the pair is now approaching it to test it. Therefore, the pair will probably start a upward movement in this area and recover again. So, the market will indicate a bullish opportunity at the levels of 1.4400 or 1.4450. Buy in this area with the first target at 1.4555 and continue towards 1.4631. Moreover, in case the market is be able to break the first weekly resistance of 1.4631, then the market will climb towards the double top at 1.4698. The weekly resistance 2 sets at the level of 1.4706. On the other hand, if a breakout takes place at 1.4385, it will be profitable to set the stop loss below the weekly pivot (1.4385 ) for that the best location for placing stop loss should be at the level of 1.4366.
Trading recommendations:
- According to previous events, the USD/CAD pair will probably move between 1.4425 and 1.4631.
- Buy above the level of 1.4425 with the first target at 1.4555, it might resume to 1.4631.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for January 21, 2016 . Thanks for your support.
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