03.02.201511:44 Forex Analysis & Reviews: Technical analysis of USD/CAD for February 3, 2015

Long-term review

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Overview:

As expected, the USD/CAD pair has rebounded from the level of 1.2427, and showed signs of strength after it. Additionally, the resistance was broken and turned into support at the same key level (1.2427). On the H1 chart, the level of 1.2427 is representing strong support which coincides with the 61.8% of Fibonacci retracement level. It is equally important that the price has been set above the support since last month because the market was calling for strong bullish trend. Consequently, the pair has already formed the strong support at 1.2430 and it should also be noted that the double bottom is going to be set around this area. Furthermore, the price has been still moving between 1.2430 and 1.2690. Therefore, the USD/CAD pair started showing the signs of bullish market, so the market indicates the bullish opportunity at the level of 1.2430 with the first target of 1.2612, and continues towards the level of 1.2690 again. On the other hand, the stop loss should always be taken into account. From now on, it will be wise to set your stop loss at the price of 1.2435.

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