USD/CAD technical analysis for August 27, 2013

Overview: 

The resistance on USD/CAD sets at the level of 1.0600, therefore, the bears are going to sell below 1.0600 because there is a new top of the price at 1.0600 (use historic rates to determine future prices!). It should also be noted that the resistance sets at the level of 1.0600, thus, swing trade at 1.0603 in order to sell with the target of 1.0568 is recommended. It may resume to 1.0463. Additionally, the trend will call for a bearish market at the level of 1.0603, there is a bearish channel. It might be informing that the stop loss should never exceed your maximum exposure amounts. Thus, set a stop loss above 1.0635. However, the USD/CAD pair has still been trapped between 1.0508 (78% of Fibonacci retracement levels) and 1.0568 (100% of Fibonacci retracement levels). At the same time, the support sets at the level of 1.0444, then the bulls are going to buy above 1.0444 with the first target at 1.0510. It might resume to 1.0570.