USD/CAD technical analysis for July 19, 2013
The resistance of USD/CAD sets at the level of 1.0500, therefore the bears are going to sell below 1.0500 because there is a double top on the price 1.0504. So it should also be noted that the resistance sets at the level of 1.0500, thus swing trade at 1.0500 in order to sell with the target of 1.0350, it might resume to 1.0250. Additionally, the trend will call for a bearish market
on the level of 1.0500, there is a bearish channel. It might be informing that the stop loss should never exceed your maximum exposure amounts. Hence, set a stop loss above 1.0560. However, the USD/CAD pair has still been trapped between 1.0504 (78% of Fibonacci retracement levels) and 1.0370 (50% of Fibonacci retracement levels). At the same time, the support sets at the level of 1.0250, then the bulls are going to buy above 1.0250 with the first target of 1.0365, it might resume to 1.0430.
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