The resistance for USD/CAD is set at the level of 1.0380, therefore, the bears are going to sell below 1.0380, because there is a double top at the price of 1.0380 (61.8% Fibonacci retracement levels). So it should also be noted that the resistance is set at the level of 1.0380, thus swing trade at the area of 1.0380 in order to sell with the target of 1.0315 is preferable; it might resume to 1.0240. Additionally, the trend will call for a bearish market at the level of 1.0380, there is a bearish channel. It might be informing that the stop loss should never exceed your maximum exposure amounts. Hence, set stop loss above 1.0380 at the level of 1.0430, then the bulls are going to buy above 1.0235 (38.2% Fibonacci retracement levels) with the first target of 1.03, it might resume to 1.0345.
It should be noted that:
The volatility: 191.80, then the market indicates the higher volatility.
In the long term, if the market calls for bearish, then the price will form a double bottom at the level of 1.0184 (in H4 time frame) next week.
The material has been provided by InstaForex Company – www.instaforex.com
The material has been provided by InstaForex Company – www.instaforex.com
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