Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
Overview:
- The USD/CAD pair is going to continue its rise upright from the price of 1.1920 in the short-term. It should be noted that the support is setting at the price of 1.1920 which represents the 78.6% of Fibonacci retracement levels on the H4 chart. Moreover, the same price is probably going to form a double bottom at the same time frame. Accordingly, the USD/CAD pair is showing signs of strength following the break of the highest level of 1.1944. So, it will be a good sign to buy above the level of 1.1920 with the first target of 1.2017 in order to test the double top and further to 1.2070. Also, it might be noted that the level of 1.2070 is a good place to take profit because it will form a new double top. On the other hand, in case reversal takes place and the USD/CAD pair breaks through the support level of 1.1920, the market will lead to further decline to 1.1844 to indicate a bearish market.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.