Overview:
- In the short term, the USD/CAD pair rebounded at the level of 1.2368 following the level of 1.2370. The level at 1.2370 will represent a new strong resistance on June 10, 2015.
- Additionally, the support was broken and turned to resistance at 1.0780. Also, it should be noted that the area of 1.2370-1.2380 is acting as a strong spot because the price set below the resistance a week ago. Furthermore, the price has still traded between 1.2370 and 1.2196.
- Therefore, the USD/CAD pair started showing signs of a bearish market. So, the market indicates the bearish opportunity at the level of 1.2370 with the first target at 1.2196.
- The USD/CAD pair is probably moving towards the level of 1.2167.
- On the other hand, the stop loss should always be taken into account, hence it will of the sagacity to set your stop loss at 1.2422.
