Overview:
- The market of the USD/CAD pair is continuing showing signs of strength following the break at 1.3330 for that the pair will probably go up because the downtrend is still strong. The new support was set at 1.3330. This support is coinciding with the ratio of 78.6% Fibonacci retracement levels. Therefore, the trend's resistance was broken and turned into support yesterday. The price broke the EMA(100) in order to hold an uptrend from the level of 1.3416. Besides, the USD/CAD pair has already formed a minor resistance at the level of 1.3416. So the range will be between 1.3416 and 1.3460 levels from now. Accordingly, the market is going to indicate a bullish opportunity at the level of 1.3416 with the first target of 1.3460 and continue towards 1.3500. At the same time, if the trend breaks this level and closes below 1.3368, it will call for downside momentum. It is rather convincing since the structure of the fall does not look corrective. Thereupon, the market will indicate a bearish opportunity at 1.3368. Hence, it will be a good decision to sell at this level with the target of 1.3260 in the short term.
