Technical analysis of USD/CAD for April 29, 2014

Forecast:

• According to the previous events, the USD/CAD pair has still been trapped between 1.1070 and 1.0960.
• Strong resistance will be formed at the level of 1.1120 providing a clear signal for sell deals with the target seen at 1.9010.
• Stop-loss is to be placed above 1.1160.
• Strong level (support) will be formed at the level of 1.0910 providing a clear signal for buy deals with the target seen at the 1.1070 level.
• Stop-loss is to be placed below the level of 1.0858. This level is representing the double bottom in the H1 chart.

Notes:

• The double top will be set at the level of 1.1068.
• We expect a range of 54 pips today.
• But it should be noted that the risk of 54 4 pips must make a profit of 81 pips.
• Volatility: 85.81. Therefore, the market indicates the lower volatility.
• The value of 50% Fibonacci retracement levels is 1.1070 (for confirming for the bullish market).

The material has been provided by InstaForex Company – www.instaforex.com