Overview:
- According to the previous events, the USD/CAD pair is still moving between the levels of 1.2043 and 1.1944. These levels represent minor resistance and a double bottom respectively in the H4 chart. In the long term, the strong resistance will be formed at the level of 1.2120 providing a clear signal for sell deals with the target seen at 1.1944 in order to test the double bottom and continue towards a new bottom at 1.1905. However, stop loss is to be placed above 1.2142. On the other hand, we have minor support to be formed around the level of 1.1944 in the shor term providing a clear signal for buy deals with the target seen at the levels of 1.1240 and 1.1120.
Observations:
- The double top will be set at the level of 1.2150.
- We expect a range of 78 pips today.
- But it should be noted that the risk of 52 pips must make a profit of 78 pips.
- Volatility: 97.58. Therefore, the market indicates lower volatility.
- The value of 23.6% Fibonacci retracement levels is 1.2142 (it is confirming for the bullish market because this level is representing the double top in the same time frame).
