Overview:
- As expected, the USD/CAD pair rebounded at the level of 1.3145 and showed signs of strength following the level of 1.3145. Additionally, the support has been broken and turned into resistance at the same key level (1.3145). Equally important, the price has been set below the resistances of 1.3145 and 1.3073 since yesterday. Consequently, the pair has already formed strong resistances at the levels of 1.3145 and 1.3073. Furthermore, the price has been still trading between 1.3073 and 1.2950. Therefore, the USD/CAD pair started showing the signs of a bearish market, so the market indicates the bearish opportunity at the level of 1.3073 with the first target of 1.3000 and continues moving towards the level of 1.2951 in order to form a double bottom again. On the other hand, a stop loss should be always taken into account so it will be sensible to set your stop loss at the 1.3166 price.
