Notes:
Range: 46 pips, then a risk of 46 pips must make a profit of 69.00.
Volatility: 47.58, therefore the market indicates the higher volatility. (Volatility Formulas Variation = Average * (Higher - Lower)).
Overview:
The resistance of USD/CAD sets at the level of 1.0495, therefore the bears are going to sell below 1.0495 because there is a double top on the price 1.0504. So it should also be noted that the resistance sets at the level of 1.0495, thus swing trade at 1.0495 in order to sell with the target of 1.0353, it might resume to 1.0250. Additionally, the trend will call for a bearish market on the level of 1.0500, 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 1.0560. However, the USD/CAD pair has still been trapped between 1.0504 (78% of Fibonacci retracement levels) and 1.0370 (50% of Fibonacci retracement levels). At the same time, the support sets at the level of 1.0250, then the bulls are going to buy above 1.0250 with the first target of 1.0365, it might resume to 1.0430.
Intraday technical levels:
Date & Time: 23/07/2013 14:03
Pair: USD/CAD
Projected High: 1.0498
Breakout (Buy Stop): 1.0443
Strong Resistance (Sell Limit): 1.0413
Current Pivot: 1.0344
Strong Support (Buy Limit): 1.0275
Breakout (Sell Stop): 1.0250
Projected Low: 1.0200
