Technical analysis of USD/CAD for September 16, 2015

Overview:

As priviously expected, the USD/CAD pair rebounded at the level of 1.3164 in the long term. It showed signs of strength following the level of 1.3164. The level of 1.3164 is going to represent a strong support on September 16, 2015. Additionally, the resistance was broken and turned to support at the same level (1.3164). Also, it should be noted that the area of 1.3164 – 1.3202 is acting as a strong spot because the price set above the support three week ago. Furthermore, the price has still traded between 1.3202 and 1.3351. Therefore, the USD/CAD pair started showing signs of bullish market, so the market indicates the bullish opportunity at the level of 1.3202 with the first target at 1.3269, and continues towards the level of 1.3351 again. On the other hand, the stop loss should always be taken into account, consequently it will of the wisdom to set your stop loss at the 1.3133 price.

Intraday technical levels:

Date:16/09/2015

Pair:USD/CAD

The material has been provided by InstaForex Company – www.instaforex.com