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27.08.201414:17 Forex Analysis & Reviews: Technical analysis of USD/CAD for August 27, 2014

Long-term review

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Overview:

Support of the USD/CAD pair has broken and turned to resistance at the same key level (1.0987). So, resistance has already set at the price of 1.0987 and the double top had set at the same price too. Equally important, the trend saw the bearish market and the the price set below the resistance for three days. Another thought, we expect a range of 55 pips today. As expected, the price is going to move between 1.0940 and 1.0870. Therefore, the USD/CAD pair started showing the signs of the bearish market from the spot of 1.0987 - 1.0940. Consequently, the market indicates the bearish opportunity at the level of 1.0940 with the first target at 1.0900, which continues towards the level of 1.0845 in the coming days. It should be noted that the level of 1.0845 represents strong support on August 27, 2014. Moreover, the same level coincides with the 61.8% Fibonacci retracement levels. Consequently, the pair is going to form strong support at the 1.0845 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 1.1010 price.

Intraday technical levels:

Date and Time:27/08/2014 13:16

Pair:USD/CAD

R3: 1.1008
R2: 1.0982
R1: 1.0941
PP: 1.0915
S1: 1.0874
S2: 1.0848
S3: 1.0807

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