Overview :
- The USD/CAD pair has rebounded from minor support at 1.0810 and it is now approaching its support, it will probably start upside movement at this area and recover again. Moreover, it should be noted that the price formed strong support at the level of 1.0810. Furthermore, this strong level has still been moving between 00% of Fibonacci retracement levels (the double bottom) and 38.2% in H4 chart since the 7th of May, 2014. Hence, it is probably that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity from the level of 1.0810 with the first target at 1.0880 (the first resistance), then the USD/CAD pair will continue straightly towards the major resistance at 1.0980.
- The level of 1.0980 is going to represent the daily resistance for that it will very gainful to take profit around this area on June 12, 2014.
- On the other hand, you should always choose a location for placing stop, thus youit must set the stop loss at the 1.0775 level today.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of USD/CAD for June 12, 2014 . Thanks for your support on Technical analysis of USD/CAD for June 12, 2014
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