Overview:
- The USD/CAD pair rebounded at the level of 1.3249 again, and it showed signs of strength following the level of 1.3249 for several days. Additionally, the resistance was broken and turned into support at the same key level (1.3249). Moreover, we expect a range between the levels of 1.3249 and 1.3354. Equally important, the price is set above the support from the last week. Consequently, the pair has already formed a strong support at 1.3249. Therefore, the USD/CAD pair started showing signs of bullish market, so the market indicates the bullish opportunity at the level of 1.3249 with the first target of 1.3329 and continues towards the level of 1.3354. On the other hand, the stop loss should always be taken into account, hence set your stop loss at the 1.3209 price.
Observations:
- The weekly resistance is going to set at the level of 1.3354.
- The minor support has already set at 1.3274, this level coincides with the ratio of 23.6% Fibonacci retracement level. But the major support was already placed at 1.3249.
- We expect a range of around 198 - 250 pips this week.
