Overview:
The market is continuing to show signs of strength following the break at 1.0000 (green color horizontal line on the chart). Therefore, the USD/CAD pair’s resistance has been broken and it was turned to support a month ago (February 18, 2013), the pair has already formed a strong support at the level of 1.0000 as well. So the market indicates a bullish opportunity on the level of 1.0000 with a first target of 1.0113 and continues towards 1.0185.
- Buy above 1.0100 with targets at 1.0115 then 1.0190.
Bearish outlook for a long-term period
However, if the trend can break this level and close below 1.0200, then it will be a downside momentum, which is rather convincing and the structure of the fall does not look corrective, for that the market will indicate a bearish opportunity at 1.0190, hence it will be a good sign to sell at this level.
- Thus, below 1.0200 look for further downside with a target of 1.0100.
Observations:
- Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.
- Key level is at 1.0200.
- History will probably repeat itself at this level again.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
