Overview:
The resistance of the pair USD/CAD sets at the level of 1.0585, therefore the bears are going to sell below 1.0585 because there is a double top on the price 1.0585. It should also be noted that the resistance sets at the level of 1.0585, thus swing trade at 1.0585 in order to sell with the target of 1.0480, it might resume to 1.0435. Additionally, the trend will call for a bearish market on the level of 1.0585, there is a bearish channel. It might be informing that the stop loss should never exceed your maximum exposure amounts. Hence, set a stop loss above 1.0620. However, the USD/CAD pair has still been trapped between 1.0375 (61.8% of Fibonacci retracement levels) and 1.0555 (100% of Fibonacci retracement levels). At the same time, the support sets at the level of 1.0284, then the bulls are going to buy above 1.0284 with the first target of 1.0333, it might resume to 1.0420.
Intraday technical levels:
Date and Time: 16/07/2013 14:36
Pair: USD/CAD
Projected High: 1.0570
Breakout (Buy Stop): 1.0515
Strong Resistance (Sell Limit): 1.0485
Current Pivot: 1.0406
Strong Support (Buy Limit): 1.0326
Breakout (Sell Stop): 1.0301
Projected Low: 1.0251
