Overview :
- As expected, the support has broken and turned to resistance at the same key level (1.0950). So, resistance of the USD/CAD pair has already set at the price of 1.0950 and the double top is placed at the price of 1.0959. Equally important, the price set below the resistance level a week ago. Furthermore, the price is moving between 1.0950 and 1.0895. Therefore, the USD/CAD pair started showing the signs of the bearish market. Hence, the market indicates the bearish opportunity at the level of 1.0950 with the first target of 1.0910, and continues towards the level of 1.0885 again. It should be noted that the price of 1.0885 coincides with the ratio of 78.6% Fibonacci retracement levels.
- On the other hand, the stop loss should always be taken into account, for this reason it will be wise to set your stop loss at the 1.0980 price. Also, it should be noted that the level of 1.0980 represents the last swing of the USD/CAD pair in H1 and H4 charts. Consequently, the pair is going to form the second resistance at the 1.0980 price in coming hours.
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 August 8, 2014 . Thanks for your support on Technical analysis of USD/CAD for August 8, 2014
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