- The USD/CAD pair is calling for the bullish market from the level of 1.1135 this week. The level of 1.1135 is representing support 1 and the second support is set at the level of 1.1092. As it is know, history will probably repeat itself at this level. Therefore, it will be a good sign to buy above supports (1.1135 or 1.1092) with the first target of 1.1220 (the peak in H4 chart). If the pair is able to break this top, then it will call for uptrend in order to continue its bullish movement towards 1.1260. On the other hand, the stop loss should never exceed your maximum exposure amounts. Consequently, the stop loss should be placed below the double bottom at the price of 1.1053. .
- It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.
- We expect a new range about 55 -70 pips today.
- The key level will set at the level of 1.1135.
The material has been provided by InstaForex Company – www.instaforex.com