As expected, the support has broken and turned to resistance at the same key level (1.1150), so the resistance of the USD/CAD pair has already set at the price of 1.1150. Equally important, the price set below the resistance fifteen days ago. Furthermore, the price has still been moving between 1.1130 and 1.1066. Therefore, the USD/CAD pair started showing the signs of bearish market, hence the market indicates the bearish opportunity at the level of 1.1150 with the first target of 1.1050, and continues towards the level of 1.1030 again. On the other hand, the stop loss should always be taken into account, hence it will of the wisdom to set your stop loss at the 1.1025 price.
It should be noted that the level of 1.1030 is representing a strong support on March 13, 2014. Moreover, the same level is coinciding with the 38.2% Fibonacci retracement levels. Consequently, the pair is going to form a strong support at the 1.1030 price.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
The material has been provided by InstaForex Company – www.instaforex.com
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