Overview:
- The The double top for the USD/CAD pair will set at the level of 1.4001 and the double bottom is seen at the level of 1.3821. It should be noted that the last range was around 75 pips only. But we expect a range of 263 pips this week.
- The major support level is seen at 1.3821. And the resistance was already faced at 1.4001.
- So, according to the previous events, the price of the USD/CAD pair is going to move between 1.4001 and 1.3821.
- The level of 1.3900 is representing the weekly pivot point. Therefore, it will be very useful to buy above the price of 1.3900 in the short term with the first target at 1.3946. Moreover, if the trend is able to break the first resistance at 1.3946, then it might resume to 1.4000.
Trading recommendations:
- According to previous events, the price of EUR/USD pair has still been moving between 1.3903 and 1.4000.
- Above the level of 1.3903, look for further moving upside with targets 1.3946 and 1.4000.
- The stop loss should be set at the level of 1.3806.
