Overview:
- The price of USD/CAD pair is continuing to show signs of strength following the break at the price of 1.0620. The level of 1.0620 is representing a strong support this month as well as the double bottom in H4. Therefore, the USD/CAD pair resistance has broken and it has turned to support for a month. Moreover, the pair has already formed the strong support at the level of 1.0620. So, the market indicates a bullish opportunity at the level of 1.0620 with the target of 1.0788. It should be noted that the ratio of 50% Fibonacci retracement levels coincides with the price of 1.0788. Another thought, if the trend breaks this level and closes below the key level (1.0788), then it will be a rather convincing downside momentum. The structure of the fall does not look corrective, for that the market will indicate a bearish opportunity at the price of 1.0788. Accordingly, it will be a good sign to sell at this level. It should be noticed that the support has already been placed at the 1.0620 level.
Intraday technical levels:
Date:23/07/2014
Pair:USD/CAD
- R3: 1.0782
- R2: 1.0771
- R1: 1.0753
- PP: 1.0742
- S1: 1.0724
- S2: 1.0713
- S3: 1.0695
