Overview:
The market of the USD/CAD pair continues to show the signs of strength following the break at 1.2087 (the double bottom on the H1 chart). Therefore, the resistance of the USD/CAD pair was broken and it turned to a support since weeks. Additionally, the pair has already formed a strong support at the level of 1.2087. So the market indicates a bullish opportunity at level of 1.2090 with the first target of 1.2230 and continues towards 1.2315. On the other hand, If the trend can break this level and closure below 1.2087, it will be a downside momentum, which is rather convincing. The structure of the fall is not corrective as that the market will indicate a bearish opportunity at 1.2087. Hence it will be a good sign to sell at this level with the targets of 1.2054 and 1.2010.
Trading Recommendations:
- According to previous events, the price has been still moving between 1.2087 and 1.2230.
- Buy above the price of 1.2087 with the target at 1.2230 then 1.2310.
- In the long term, look for further downside with a target of 1.2010 below the resistance of 1.2310.
- Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
