Overview:
Three months ago, the price levels around 1.0620 (the lower limit of the depicted chart) initiated the current strong uptrend.
The USD/CAD pair has been trending upward within the depicted daily channel. Successive higher highs and lows are being established within the channel's limits.
As anticipated, the bullish breakout above 1.1440 allowed bulls to push towards 1.1650 where the upper limit of the bullish channel is located as well as 61.8% Fibonacci level.
During the past few weeks, the USD/CAD pair established a recent SUPPORT zone around 1.1430-1.1330, breakout above which allowed bulls to reach new highs around 1.1495, 1.1540 and 1.1600 which got hit today.
The price zone of 1.1430-1.1460 remains the nearest SUPPORT zone to the current prices. Persistence above it signals the bullish tendency towards 1.1660-1.1690 (Significant Intraday RESISTANCE zone).
Trading recommendations:
Although, LONG positions suggested after the USD/CAD pair closed above 1.1450 were considered high-risk ones, they are running in profits towards their targets.
The price level of 1.1650 remains targeted by bulls as it corresponds to the upper limit of the bullish channel as well as 61.8% Fibonacci level.
Conservative traders should minimize the risk off this long position as it achieved most of its bullish targets. SL should be advanced to 1.1510.
The material has been provided by InstaForex Company - www.instaforex.com
