Trading recommendation:
- The upward trend is still strong for that the pair will probably go up more.
- According to the previous events, the USD/CAD pair is going to move between 1.2465 and 1.2652 today.
- It should be noted that the level of 1.2465 represents the double bottom; and the weekly pivot point is placed at the price of 1.2380.
- The resistance will be set at the level of 1.27570 this week.
- The support has already been placed at the price of 1.2380.
- We expect a new range about 225 pips this week.
- The key level will be set at the level of 1.2380. Therefore, it will be very useful to buy above the price of 1.2380 in the short-term with the first targets at 1.2560 and 1.2650. Moreover, if the trend is able to break the double top at 1.2650, it might resume to 1.2750 (127.2% Fibonacci retracement levels).
Intraday technical levels:
Date: 29/01/2015
Pair: USD/CAD
- R3: 1.2690
- R2: 1.2602
- R1: 1.2565
- PP: 1.2477
- S1: 1.2440
- S2: 1.2352
- S3: 1.2315
