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Technical analysis of USD/CAD for August 11, 2015

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Overview:

  • The USD/CAD pair will call for a bullish market from the levels of 1.3000 and 1.3028 on August 11, 2015. The price will probably move between the 1.3036 and 1.3172 levels in order to form a range of 136 pips in coming days. Additionally, the price of 1.2924 is representing a double bottom on the H1 chart. So, the area between 1.2924/1.3036 is acting as strong support today. Therefore, the bulls are going to buy above 1.3036 with the first target of 1.3130 it might resume to 1.3170. A double top is going to be set at the level of 1.3212. However, the stop loss should never exceed your maximum exposure amounts. So set a stop loss below the support at the level of 1.2985. On the other hand, the resistance is set at the level of 1.3212 this week. So, the trend will call for a bearish market at the level of 1.3212 in the short term. Thus, it will be rather gainful to sell below the price 1.3212 and look for further downside towards the 1.3083 price.

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