The USD/CAD pair is expressing a continuation of the Flag Pattern after the long bullish swing initiated around the price level of 0.9797 on the 1st of May which is expected to reach the target of 1.0360 then 1.0450.
Since June 4 the USD/CAD pair movement is maintained within the mid-term slightly bearish depicted channel with its upper limit located around 1.0290.
Fibonacci level 50% is located at Price level of 1.0270 which is a strong Resistance level that needs to be broken in order to confirm the Flag Pattern mentioned above.
On the short-term Price level of 1.0155 constitutes a strong Intraday Support which is expected to push USD/CAD to the upside towards 1.0200 then 1.0270 with SL below 1.0090.
Price Zone between 1.0270-1.0290 should be carefully watched for price action in order to take a profitable trade at this key level.
The material has been provided by Instaforex Company - instaforex.com
Since June 4 the USD/CAD pair movement is maintained within the mid-term slightly bearish depicted channel with its upper limit located around 1.0290.
Fibonacci level 50% is located at Price level of 1.0270 which is a strong Resistance level that needs to be broken in order to confirm the Flag Pattern mentioned above.
On the short-term Price level of 1.0155 constitutes a strong Intraday Support which is expected to push USD/CAD to the upside towards 1.0200 then 1.0270 with SL below 1.0090.
Price Zone between 1.0270-1.0290 should be carefully watched for price action in order to take a profitable trade at this key level.
The material has been provided by Instaforex Company - instaforex.com