Overview:
- The USD/CAD pair rebounded at the level of 1.4185 again, and it showed signs of strength following the level of 1.4215. Additionally, the resistance was broken and turned to support at the same key level (1.4215). Moreover, we expect a range between the levels of 1.4215 and 1.4310. Equally important, the price set above the support since last week. Consequently, the pair has already formed a strong support at 1.4215. Therefore, the USD/CAD pair started showing the signs of a bull market, so the market indicates the bullish opportunity at the level of 1.4215 with the first target of 1.4266, and continues towards the level of 1.4310. On the other hand, stop loss should always be taken into account, thus it makes sense to set your stop loss at the 1.4173 price.
Notes:
- The weekly resistance is going to set at the level of 1.4315.
- The support has already set at 1.4195, this level is coinciding with the ratio of 88.2% Fibonacci retracement level.
- We expect a range around 256 pips this week.
