FX.co ★ Technical analysis of USD/CAD for May 28, 2015

Overview:

• The USD/CAD pair has already formed a strong support at the level of 1.2351. The same level is coinciding with a ratio of 50% Fibonacci retracement levels. It should be noticed that minor support will be set at the level of 1.2453 around the 61.8% Fibonacci retracement levels in the H4 chart. The price of the USD/CAD pair has moved between 1.2450 and 1.2570. The price moved higher to 1.2490 and turned lower. So, we expect a range about 257 pips this week. Additionally, the RSI and moving average (75) are still calling for an uptrend. The market is going to indicate bullish opportunities at the levels of 1.2450 with the first target at 1.2510 and continuing towards 1.2590 in order to test resistance at 1.2598. On the other hand, if the price closes below 1.2450. The price will call for a bearish market to go further towards the double bottom at 1.2351 to test it again.