Overview :
- The USD/CAD pair has already formed a strong resistance at the level of 1.0960. Furthermore, the double bottom had set at the price of 1.0985 and the same level coincides with the ratio of 100% Fibonacci retracement levels. Equally important, it should be noted that a major support will be set at the level of 1.0845 around the 61.8% Fibonacci retracement levels in H1 chart. As shown, the price of the USD/CAD pair has been trapped between 1.0945 and 1.0875. Also, it should be mentioned that the price moved higher to 1.0940 and turned lower. So, the range will be about 73 pips on August 15, 2014. Additionally, the RSI and the moving average (50) are still calling for a sideways trend. Consequently, the market is going to indicate bullish opportunities at the levels of 1.0845 with the first target of 1.0915 and continuing towards 1.0950 in order to test the resistance at the 1.0960 price. On the other hand, if the price closes below 1.0850. Hence, the price will call for a bearish market to go further towards the double bottom at 1.0803 to test it again next week.
The material has been provided by InstaForex Company - www.instaforex.com
