Overview :
- The support of the USD/CAD pair has been broken and turned into resistance at the same key level (1.2009), so the resistance has already been set at the price of 1.2009. The double top has resumed at the point of 1.2046 on the H1 chart. It is equally important that the trend saw a bearish market and the price is set below the resistance since the last week. Moreover, we expect a range of 62 pips today. As expected, the price is going to move between 1.2010 and 1.1926. It should be noted that the level of 1.1926 represents the 61.8% of Fibonacci retracement levels. Therefore, the USD/CAD pair started showing signs of bearish market from the level of 1.1160. Consequently, the market indicates the bearish opportunity at the level of 1.2010 with the first target of 1.1950 and continues towards the level of 1.1924. It should be also noted that the level of 1.1924 represents a strong support on January 20, 2015. Moreover, the same level is coinciding with the 61.8% Fibonacci retracement levels at the same time frame. Consequently, the pair is going to form a strong support at the 1.1924 price. On the other hand, the stop loss should always be taken into account, hence it will set your stop loss above the double top at the 1.2066 price.
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