07.04.201512:24 Forex Analysis & Reviews: Technical analysis of USD/CAD for April 7, 2015

Long-term review

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Overview:

The resistance of the USD/CAD pair was broken and turned to support at the same key level (1.2405). So, the support of the USD/CAD pair has been already set at the level of 1.2405 and the double bottom is seen at 1.2351 in the H4 chart. Equally important, the price set above the support since weeks. Furthermore, the price is still trading between the levels of 1.2351 and 1.2535 in the long term. Therefore, the USD/CAD pair started showing the signs of bullish market, hence the market indicates the bullish opportunity at the level of 1.2405 with the first target at 1.2450, and continues towards the level of 1.2523 again. On the other hand, the stop loss should always be taken into account, hence it will be profitable to set your stop loss below the double bottom at the 1.2330 price. Also, it should be noted that the level of 1.2351 is representing strong support on April 7, 2015. Moreover, the same level is coinciding with the 00% Fibonacci retracement levels at the same time frame. Consequently, the pair is going to form strong support in the area around 1.2350.

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