Overview:
- The USD/CAD pair rebounded at the level of 1.0950, and showed signs of strength after it. Additionally, the resistance was broken and turned to support at the same area (1.0942). Equally important, the price set above the support since last week. Consequently, the pair has already formed the strong support at 1.0950. It should also be noted that the double bottom is going to set around this area. Furthermore, the price has still been trapped between 1.0950 and the double top (1.0985) in H4 chart. Therefore, the USD/CAD pair started showing the signs of the bullish market. So, the market indicates the bullish opportunity at the level of 1.0950 with the first target of 1.0985 (double top), and continues towards the level of 1.1030 in order to test the weekly resistance 1. On the other hand, the stop loss should always be taken into account. Therefore, it will wise to set your stop loss at the 1.0925 price.
Intraday technical levels:
Date:21/08/2014
Pair:USD/CAD
- R3: 1.1024
- R2: 1.0998
- R1: 1.0983
- PP: 1.0957
- S1: 1.0942
- S2: 1.0916
- S3: 1.0901
