Overview:
- The USD/CAD pair rebounded at the level of 1.1545 again, and it showed signs of strength following the level of 1.1545 for several days. Additionally, the resistance was broken and turned to support at the same key level (1.1545). Moreover, we expect a range between the levels of 1.1545 and 1.1667. Equally important, the price set above the support from the last week. Consequently, the pair has already formed a strong support at 1.1545. Therefore, the USD/CAD pair started showing signs of bullish market, so the market indicates the bullish opportunity at the level of 1.1545 with the first target of 1.16010, and continues towards the level of 1.6067. On the other hand, the stop loss should always be taken into account, hence it set your stop loss at the 1.1527 price.
Observations:
- The weekly resistance is going to set at the level of 1.1667. And the triple top will set at the price of 1.1673.
- The support has already set at 1.1545, this level coincides with the ratio of 61.8% Fibonacci retracement level.
- We expect a range around 239 pips this week.
