Overview:
- The market opened below the daily resistance level of 1.3352 this week. Also, it should be noted that the resistance is set at the level of 1.3352 as strong level but a minor resistance has set at 1.3250 on August 28, 2015. Additionally, the USD/CAD pair hit the major levels such as 1.3280 and 1.3050 yesterday. Hence, the trend was downward and the range broadened up to 96 pips. According to the previous events, the USD/CAD pair has still been moved between the levels of 1.3280 and 1.3050. Therefore, it will be advantageous to sell at 1.3280/1.3250 with the first target at 1.3162. If the price manages to break 1.3162; it may resume to 1.3100. Moreover, it should be noted that the weekly point will set at 1.3050. Stop loss should always be taken into account; accordingly, it is unlikely to be beneficial to set the stop loss above the daily resistance 2 at the level of 1.3379.
Intraday technical levels:
- R2: 1.3352
- R1: 1.3280
- PP: 1.3193
- S1: 1.3121
- S2: 1.3049
