Trading recommendations:
- The resistance for the USD/CAD pair is seen at 1.3225 and a minor resistance has been placed at the level of 1.3262 (61.8% Fibonacci retracement levels). Furthermore, it will be quite profitable to sell below 1.3262 for retesting the next objectives in order to call for a bearish market from the last wave of 1.3260. Therefore, sell deals are recommended below 1.3262 with targets at 1.3206. The bias will resume towards the level of 1.3172 to reach a strong support on 9th of September 2015. On the contrary, the key level is seen at 1.3262 today. Consequently, the ascending movement will probably be higher than 1.3262 with a target at 1.3301.
Observations:
- The USD/CAD pair found support at 1.3172. Moreover, the weekly support 1 is seen at the same level, but the double bottom was already formed at 1.3162.
- Major resistance is seen at 1.3301.
- We expect a new range about 238 pips this week.
