Overview :
- Resistances of the USD/CAD pair are set at the level of 1.1466, 1.1395, and 1.1341. Also, it should be noted that the double tops had already been placed at the peak price of 1.1466. Consequently, bears are going to sell below above-mentioned resistances because the trend is going to move between the levels of 1.1365 and 1.1241. So, we should be aware that resistance is set at the level of 1.1340. Therefore, swing trade at the area of 1.1340-1.1315 in order to sell with the target of 1.1300 (the key price) is favorite. It might resume to 1.1240 to retest support in H4 chart. Additionally, the trend will call for a bearish market at the level of 1.1300 in case of breaking this level because there is a bearish channel. It might be informing that the stop loss should never exceed your maximum exposure amounts. Thus, set stop loss above 1.1466. However, the bulls are going to buy above 1.1240 in a short term (61.8% Fibonacci retracement levels) with the first target of 1.1272, it might resume towards 1.1300. In the long term, if the market calls for bearish sentiment, then the price will form a double bottom at the level of 1.1224.
The material has been provided by InstaForex Company - www.instaforex.com
