Overview :
- The USD/CAD pair has rebounded from minor support at 1.2558 (38.2% of Fibonacci retracement levels) and is approaching its support now. It will probably start moving upside movement at this area and recover again. Moreover, it should be noted that the price formed strong support at the level of 1.2560. Furthermore, this strong level has still been moving between 38.2% of Fibonacci retracement levels and 61.8% in the H4 chart since May 7, 2014. Consequently, there is a probability that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity from the level of 1.2560 with the first target at 1.2663 (the first resistance). If the trend manages to break the first resistance, the USD/CAD pair will continue to move straightly towards the major resistance at 1.2738. The level of 1.2738 is going to represent the daily resistance for that it will very gainful to take profit around this area. On the other hand, you should always choose a location for placing stop, thus it should set the stop loss at the 1.2532 level today.
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