FX.co ★ Technical analysis of USD/CAD for July 29, 2015

Overview:

• The USD/CAD pair broke the resistance and found support at the same key level (1.2768), so the support has already set at the level of 1.2768 in the H4 chart. Equally important, the trend is bullish and the the price is above the support found on July 16, 2015. We expect a range of between the levels of 1.2768 and 1.3102 this week. The price is expected to move from the support level of 1.2768 to the first resistance at 1.3000 today. Therefore, the USD/CAD pair started showing signs of bullish market from the level of 1.2768. Consequently, the market indicates a bullish opportunity at the level of 1.2768 with the first target at 1.2966 and continues towards the level of 1.3000. It should be noted that the level of 1.3000 represents minor resistance. Also, the last bullish wave will start at the point of 1.3102, which represents the double top. Moreover, the same level is coinciding with the 00% Fibonacci retracement levels in the H4 and daily charts. On the other hand, the stop loss should always be taken into account, hence it will of the discernment to set your stop loss at the 1.2730 price.