Overview:
According to the previous events, the USD/CAD pair has still been trapped between 1.0435 (78% of Fibonacci retracement levels) and 1.0555 (100% of Fibonacci retracement levels). The support sets at the level of 1.0350, therefore the bulls are going to buy above 1.0350 with the first target of 1.0415, it might resume to 1.0525. Double top on the price 1.0554 and it should be noted that the resistance sets at the level of 1.0570, thus swing trade at 1.0570 in order to sell with the target of 1.0460. Trend will call for a bearish market on the level of 1.0570, there are a bearish channel. Stop loss should never exceed your maximum exposure amounts. Hence set a stop loss above 1.0600. However, risk to reward ratios are important and should be calculated. A risk reward ratio of 1:1.5 is recommended. Risk: 50 pips must make a profit of 75 pips.
