19.02.201512:38 Forex Analysis & Reviews: Technical analysis of USD/CAD for February 19, 2015

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Overview:

The support of the USD/CAD pair has been broken and turned to resistance at the same key level of 1.2524 (50% of Fibonacci retracement levels on H1 chart). So, resistance has already been set at the price of 1.2524 and the double top was set at the same price too. It is equally important that the trend is going to see the bearish market and the the price is set below the resistance since the 13th of February 2015. Another thought: we expect a range of 91 pips until the end of the New York session. We expect that the price is going to move between 1.2440 and 1.2524. Therefore, the USD/CAD pair started showing the signs of the bearish market from the spot of 1.2524. Consequently, the market indicates the bearish opportunity at the level of 1.2530 with the first target at 1.2493, then it continues towards the level of 1.2433 in the coming hours. It should be noted that the level of 1.2433 represents strong support on February 19, 2015. Moreover, the same level coincides with the 23.6% Fibonacci retracement levels at the same time frame (H1). Consequently, the pair is going to form a strong support at the 1.2433 price. On the other hand, the stop loss should always be taken into account, hence it will be wise to set your stop loss at the price of 1.2570.

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