Intraday pivot point: 1.0268
Overview:
The market continues showing signs of strength following the break at 1.0210 (horizontal line of a green colour in the H1 chart). Therefore, the USD/CAD's resistance has broken and it was turned to support a month ago (February 22). Moreover, the pair has already formed a strong support at the level of 1.0210. So the market indicates a bullish opportunity at the level of 1.0210 with the first target of 1.0270 and continues towards 1.0300. However, If the trend fails to break this level and closure above 1.0303, then a downside momentum is rather convincing and the structure of the fall looks not corrective. The market will indicate a bearish opportunity at 1.0303, hence it will be a good sign to sell at this level. Then, below 1.0300, look for further downside with a target of 1.0210.
Intraday technical levels:
R3: 1.0321
R2: 1.0307
R1: 1.0282
S1: 1.0243
S2: 1.0229
S3: 1.0204
Observations:
Key level at 1.0300.
Range: 39 pips
A risk to reward ratio of 1:1.5 is recommended; risk of 39 pips must make a profit of 58.50.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
