FX.co ★ Technical analysis of USD/CAD for April 17, 2014

Overview:

• The support of the USD/CAD pair has broken and turned to resistance at the same key level (1.1160), so the resistance has already set at the price of 1.1160. Equally important, the trend saw a bearish market and the the price set below the resistance for three days. Another thought, we expect a range of 60 pips today. As expected, the price is going to move between 1.0960 and 1.1120. Therefore, the USD/CAD pair started showing the signs of bearish market from the level of 1.1160. Consequently, the market indicates the bearish opportunity at the level of 1.1160 with the first target of 1.1030, and continues towards the level of 1.0915. It should be noted that the level of 1.0915 is representing a strong support on April 17, 2014. Moreover, the same level is coinciding with the 11% Fibonacci retracement levels. Consequently, the pair is going to form a strong support at the 1.0915 price. On the other hand, the stop loss should always be taken into account, hence it will of the foresight to set your stop loss at the 1.1190 price.