Overview:
- As expected, the USD/CAD pair rebounded at the level of 1.1568 (61.8% Fibonacci retracement levels), and it showed signs of strength following the level of 1.1568. Additionally, the resistance has broken and turned to support at the same key level (1.1568). Equally important, the price set above the support two week ago. Consequently, the pair has already formed a strong support around the spot of 1.1575. Furthermore, the price is going to move between the levels 1.1570 and 1.1673. The double top will set at the point of 1.1673 in the H1 chart. Therefore, the USD/CAD pair started showing the signs of the bull market, so the market indicates the bullish opportunity at the level of 1.1568 with the first target of 1.1620, and continues towards the level of 1.1673 again. On the other hand, stop loss should always be taken into account, hence it will be profitable to set your stop loss at the 1.1533 level.
Intraday technical levels:
Date: 24/12/2014
Pair: USD/CAD
- R3: 1.1725
- R2: 1.1695
- R1: 1.1657
- PP: 1.1627
- S1: 1.1589
- S2: 1.1559
- S3: 1.1521
