Overview:
- The USD/CAD pair will continue its rise upright from the price of 1.3842 in the long term. It should be noted that the support is setting at the price of 1.3842, which represents the 78.6% of Fibonacci retracement levels on the H4 chart. Moreover, the same price is probably going to form a double bottom at the same time frame. Accordingly, the USD/CAD pair is showing signs of strength following the break of the highest level of 1.3908. So, it will be a good sign to buy above the level of 1.3908 with the first target of 1.4001 in order to test the double top and further to 1.4063. Also, it might be noted that the level of 1.4063 is a good place to take profit because it will form a new double top this week. On the other hand, in case reversal takes place and the USD/CAD pair breaks through the support level of 1.3842 , the market will lead to further decline to 1.3725 to indicate a bearish market.
Intraday technical levels:
- R3: 1.3999
- R2: 1.3982
- R1: 1.3950
- PP: 1.3933
- S1: 1.3901
- S2: 1.3884
- S3: 1.3852
