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    Technical analysis of USD/CAD for May 19, 2015

    Overview
    • The USD/CAD pair continues to show signs of strength following the break of the first resistance at 1.2140. Moreover, a strong level of 1.2095 is representing the strong support this week. Therefore, the resistance got broken and turned to support. So, the market indicates a bullish opportunity at the levels of 1.2095 and 1.2140 with a target at 1.2204 in order to test the double top. The ratio of 100% Fibonacci retracement levels is coinciding with the level of 1.2204. If the trend is able to break the double top at the point of 1.2204, the pair will call for strong bullish market above the level of 1.2204 with a view to form a new double top at 1.2242. Additionally, if the trend breaks this level and closes below the key level (1.2143), it will be rather convincing downside momentum and the structure of the fall does not look corrective. The market will indicate a bearish opportunity at the level of 1.2143. Accordingly, it will be a good sign to sell at this level with a target at 1.2098; but it should be noticed that the support has been already placed at 1.2095.
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