17.03.201512:52 Forex Analysis & Reviews: Technical analysis of USD/CAD for March 17, 2015

Overview:

The USD/CAD pair rebounded at the level of 1.2703 again and showed the signs of strength following the level of 1.2715. Additionally, the resistance was broken and turned into support at the same key level of 1.2703. Moreover, we expect a range between the levels of 1.2703 and 1.2823. It is equally important that the price is set above the support since the end of the last week. So, the support has been already set at the level of 1.2705 which is coinciding with the ratio of 88.2% Fibonacci retracement level. On the other hand, the weekly resistance is going to be set at the level of 1.2885. Hence, we expect a range around 180 pips (1.2885 - 1.2705) this week. Consequently, the pair has already formed a strong support at 1.2705. Therefore, the USD/CAD pair started showing the signs of bullish market, so that the market indicates the bullish opportunity at the level of 1.2705 with the first target of 1.2820 and continues towards the level of 1.2880. However, the stop loss should always be taken into account, so it will be wise to set your stop loss at the price of 1.2648.