Viewpoint:
- The The USD/CAD pair is likely to find support at the level of 1.2946, and the double bottom is expected at 1.2931. The USD/CAD pair has called for the bullish market from the level of 1.2931/1.2946, because the area of 1.2931/1.2946 represents strong support. Buy above support at 1.2931/1.2946 with the first target at 1.3018 in order to test the weekly pivot point. Moreover, if the pair is able to break the level of 1.3018, it will continue moving towards 1.3068, which coincides with the ratio of 61.8% Fibonacci retracement levels. However, the stop loss has always been in consideration thus it will be useful to set it below the last double bottom at the level of 1.2915 (notice that the major support set at 1.2946).
Intraday technical levels:
Date:21/10/2015
Pair: USD/CAD
- R3: 1.3150
- R2: 1.3098
- R1: 1.3038
- PP: 1.2986 ( weekly pivot: 1.3018)
- S1: 1.2926
- S2: 1.2874
- S3: 1.2814
