Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
Overview:
- The USD/CAD pair rebounded at the level of 1.4185 again, and it showed signs of strength following the level of 1.4215. Additionally, the resistance was broken and turned to support at the same key level (1.4215). Moreover, we expect a range between the levels of 1.4215 and 1.4310. Equally important, the price set above the support since last week. Consequently, the pair has already formed a strong support at 1.4215. Therefore, the USD/CAD pair started showing the signs of a bull market, so the market indicates the bullish opportunity at the level of 1.4215 with the first target of 1.4266, and continues towards the level of 1.4310. On the other hand, stop loss should always be taken into account, thus it makes sense to set your stop loss at the 1.4173 price.
Notes:
- The weekly resistance is going to set at the level of 1.4315.
- The support has already set at 1.4195, this level is coinciding with the ratio of 88.2% Fibonacci retracement level.
- We expect a range around 256 pips this week.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.