Overview:
The USD/CAD pair is still moving between 1.3217 and 1.3382. The resistance has been set at the prices of 1.3382 and 1.3456. Therefore, it will be very profitable to sell below the price of 1.3382, which represents the ratio of 88.2% Fibonacci retracement levels with the first target at 1.3264. Then, it will continue towards 1.3217 in order to test this strong support (61.8% Fibonacci retracement levels). On the other hand, if the trend fails to close below the support of 1.3217/1.3200, buy above the price of 1.3200 with a target at 1.3322, then at the price of 1.3390 in order to test the strong resistance.
Notes:
- The key level is at 1.3322 (pivot).
- We expect a range of 93 pips in coming hours.
- The weekly double top is at 1.3456
- History will probably repeat itself at this level again.
- Please check out the market volatility before investing because the sight price may have already been reached and scenarios might have become invalidated.
