Overview:
- The ssupport was broken turning to resistance located at the same key level (1.3144). Also, it should be noted that the level of 1.3144 is coinciding with a ratio of 38.2% Fibonacci retracement levels. So, the USD/CAD pair has already faced resistance at the level of 1.3144 and the double top was formed at the same level. Equally important, the price has been trapping below the resistance level since yesterday. Furthermore, the price is moving between 1.3144 and 1.2950. Therefore, the USD/CAD pair started showing the signs of the bearish market. Hence, the market indicates the bearish opportunity at the level of 1.3068/1.3144 with the first target at 1.2950, and continues towards the level of 1.3012 again. It should be noted that the level of 1.2951 coincides with a ratio of 00% Fibonacci retracement levels. On the other hand, the stop loss should always be taken into account, for this reason it will be wise to set your stop loss at the 1.3168 price. Also, it should be noted that the level of 1.2980 represents the last swing of the USD/CAD pair in the H1 and H4 charts. Consequently, the pair is going to face the second resistance at the level 1.2906 in coming hours.
