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28.11.201411:46 Forex Analysis & Reviews: Technical analysis of USD/CAD for November 28, 2014

Long-term review

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Overview:

The USD/CAD pair has already formed strong resistance at the level of 1.1465; furthermore, the same level coincides with the ratio of 100% Fibonacci retracement levels. Equally important, it should be noticed that minor support will be set at the level of 1.1323 around the 61.8% Fibonacci retracement levels in H4 chart. As shown, the price of the USD/CAD pair has been moving between 1.1320 and 1.1412. It should be also noted that the price moved lower to 1.1320 and turned higher. So, the range will be about 73 pips today. Additionally, the RSI and the moving average (100) are still calling for an uptrend. Consequently, the market is going to indicate bullish opportunities at the levels of 1.1320 and 1.1350; with the first target of 1.1408 and continuing towards 1.2465 in order to test resistance. On the other hand, if the price falls to close above the level of 1.1465, hence the price will call for a bearish market to go further towards the daily pivot point at 1.1307.

Intraday technical levels:

Date: 28/11/2014

Pair: USD/CAD

R3: 1.1499
R2: 1.1427
R1: 1.1379
PP: 1.1307
S1: 1.1259
S2: 1.1187
S3: 1.1139

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