Overview:
- The key level of the USD/CAD pair has been set at the level of 1.3030. Therefore, this level is going to act as a daily pivot point. As it is known, history will probably repeat itself at this level again. According to the previous events, the USD/CAD pair is still moving between 1.2966 and 1.3112. The resistances are set at the levels of 1.3112, 1.3178, and 1.3244, which coincide with the ratios of 38.2%, 50%, and 61.8% Fibonacci retracement levels, respectively. On the other hand, support has already been placed at the price of 1.2900 near the ratio of 00% Fibonacci, which represents strong support.
Trading recommandations:
- Sell at the price of 1.3112 with the first target at 1.2966, that will continue towards 1.2900 in order to test the double bottom on the H4 chart. Moreover, the trend could fail to close below the level of 1.2900. Consequently, buy above the 1.2900 prices with the targets at 1.3030 and 1.3075. The level of 1.3075 represents a minor resistance in the same time frame. Nevertheless, review the market volatility before investing because the sight price may have been already reached and scenarios might have become invalidated.
