- The USD/CAD pair has rebounded from minor support at 1.2975 which coincides with the ratio of 78.6% Fibonacci retracement levels. So, it will probably start upside movement at this area and recover again. Generally, it should be noted that the price formed strong support at the level of 1.2975/1.3001. Furthermore, this strong level has still been moving between 78.6% of Fibonacci retracement levels and 100% (1.3212) on the H4 chart. Hence, it is probably that the market will start showing the signs of a bull market again in order to indicate a bullish opportunity from the level of 1.3010 with the first target at 1.3085 (the first resistance), then the USD/CAD pair will continue straightly towards the major resistance at 1.3212 in order to test the double top. The level of 1.3212 is going to represent the weekly resistance. Therefore, it will be very gainful to take profit around this area on August 14, 2015. On the other hand, you should always choose a good location for placing stop loss, thus you should set stop loss at the 1.2966 level today.
Intraday technical levels:
- Projected high: 1.3112
- Strong resistance (sell limit): 1.3095
- Current pivot: 1.3038
- Strong support (buy limit):1.2980
- Breakout (sell stop): 1.2966
- Projected low: 1.2794