Overview :
- The key level of USD/CAD pair has set at the level of 1.0990. Therefore, this level is going to act as the strong orbit price today. As it is known, history will probably repeat itself at this level again. According to the previous events, the USD/CAD pair is still moving between 1.1040 and 1.0990. Just like that, the supports have set at the levels of 1.0990, 1.0960 and 1.0930 which coincides with the ratios of 61.8%, 50% and 38.2% Fibonacci retracement levels respectively. On the other hand, resistance has already placed at the price of 1.1040 near the ratio of 78.6% Fibonacci which represents strong resistance on 23 September 2014. Sell at the price of 1.1040 with the first target at 1.0990, then it will continue towards 1.0960 in order to test the weekly support 2. However, the trend could to fail to close below the level of 1.0960 in H1 chart. Consequently, buy above the 1.0960 or/and 1.0930 prices with the target at 1.1035. It should also be noted that the level of 1.1040 represents the weekly resistance 1. Notwithstanding, it has to review the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
The material has been provided by InstaForex Company - www.instaforex.com
