10.07.201502:14 Forex Analysis & Reviews: Technical analysis of USD/CAD for July 10, 2015

Overview:

• According to the previous events, the USD/CAD pair is still moving between 1.2562 and 1.2767 in the long term. The support is found at the levels of 1.2562 and 1.2638; for that it will be so profitable to buy at this spot with the first target at 1.2730. Then, the pair will call for an uptrend in order to continue its bullish movement towards 1.2727 to test this strong resistance in the daily chart. Also, it should be noted that the level of 1.2767 represents a tripple top. At the same time, the stop loss should be placed at the level of 1.2528.

Observations:

• The tripple top is seen at the level of 1.2667.
• The support is seen at 1.2562. This level will represent the double bottom in the H4 chart.
• We expect a range of 137 pips for the weekend (1.2630 - 1.2767).

Take notice:

• The major support is represented with weekly support one. Moreover, the double bottom coincides with the major support and the strong support.
• The price hit the weekly pivot point and support 1 last week because of the series of relatively equal highs and equal lows.