Technical analysis of USD/CAD for June 12, 2018

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Overview:

Pivot point: 1.2961.

The USD/CAD pair will continue to rise from the spots of 1.2961. The support is found at the level of 1.2961, which represents the 78.6% Fibonacci retracement level on the H1 chart. The price is likely to form a double bottom. Today, the major support is seen at 1.2961, while immediate resistance is seen at 1.3021. Accordingly, the USD/CAD pair is showing signs of strength following a breakout of the high at 1.2961. So, buy above the level of 1.2961 with the first target at 1.3021 in order to test the daily resistance 1 and move further to 1.3049. Also, the level of 1.3049 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CAD pair to climb from 1.2961 to 1.3049 today. At the same time, in case a reversal takes place and the USD/CAD pair breaks through the support level of 1.2961, a further decline to 1.2849 can occur, which would indicate a bearish market.

The material has been provided by InstaForex Company - www.instaforex.com