Overview:
The market is continuing to show signs of strength following the break at 1.0000 (green color horizontal line on the chart). Therefore, the USD/CAD pair’s resistance has been broken and it was turned to support a month ago (February 18, 2013), the pair has already formed a strong support at the level of 1.0000 as well. So the market indicates a bullish opportunity on the level of 1.0000 with a first target of 1.0113 and continues towards 1.0185.
Buy above 1.0100 with targets at 1.0115 then 1.0190.
Bearish outlook for a long-term period
However, if the trend can break this level and close below 1.0200, then it will be a downside momentum, which is rather convincing and the structure of the fall does not look corrective, for that the market will indicate a bearish opportunity at 1.0190, hence it will be a good sign to sell at this level.
Observations:
Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate. Key level is at 1.0200. History will probably repeat itself at this level again.If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.