FX.co ★ Technical analysis of USD/CAD for December 1, 2015

Overview:

The USD/CAD pair rebounded at the level of 1.3282 and showed signs of strength after it. Additionally, the resistance was broken and turned into support at the same area (1.3282). Equally important, the price was set above the support since last week. Consequently, the pair has already formed the strong support at 1.3280. The double bottom is going to set around this area. Furthermore, the price has still been trading between 1.3282 and the double top (1.3435) on the H4 chart. Therefore, the USD/CAD pair started showing the signs of the bullish market. So, the market indicates the bullish opportunity at the level of 1.3280 with the first target of 1.3327, and continues towards the level of 1.3435 in order to test the weekly double top in the same time frame. On the other hand, the stop loss should always be taken into account. Therefore, it will be very safe to set your stop loss at the 1.3238 price.

Intraday technical levels:

• Resistance 2: 1.3435
• Resistance 1: 1.3388
• Pivot point: 1.3331
• Support 1: 1.3282
• Support 2: 1.3189