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Technical analysis of USD/CAD for November 11, 2015

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Overview:

  • The USD/CAD pair rebounded at the level of 1.3215 and showed signs of strength after breaking it. Additionally, a minor resistance was broken and turned into support at the same key level (1.3215). Equally important, the price has been set above the support since this morning. Consequently, the pair has already formed the strong support at 1.3215 today. Besides, the double bottom is going to set around this area. Moreover, the price has still been trading between 1.3379 and 1.3215. Therefore, the USD/CAD pair started showing the signs of a bullish market, so the market indicates the bullish opportunity at the level of 1.3215 with the first target of 1.3319 and continues towards the level of 1.3215 again. On the other hand, the stop loss should always be taken into account, hence it will be profitable to set your stop loss at the 1.3167 price.


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