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 signaled the bullish tendency towards 1.1660-1.1690 (significant RESISTANCE zone).
The price level of 1.1650 (which was our bullish final target) roughly corresponds to the upper limit of the bullish channel as well as 61.8% Fibonacci level. Long positions should be left now.
Trading recommendations:
Conservative traders should look for SHORT positions around the price level of 1.1650. SL should be located above 1.1700.
The material has been provided by InstaForex Company - www.instaforex.com
