Trading recommendation:
The upward trend is still strong for that the pair will probably go up more. According to the previous events, the USD/CAD pair is going to move between 1.2465 and 1.2652 today. It should be noted that the level of 1.2465 represents the double bottom; and the weekly pivot point is placed at the price of 1.2380. The resistance will be set at the level of 1.27570 this week. The support has already been placed at the price of 1.2380. We expect a new range about 225 pips this week. The key level will be set at the level of 1.2380. Therefore, it will be very useful to buy above the price of 1.2380 in the short-term with the first targets at 1.2560 and 1.2650. Moreover, if the trend is able to break the double top at 1.2650, it might resume to 1.2750 (127.2% Fibonacci retracement levels).
Intraday technical levels:
Date: 29/01/2015
Pair: USD/CAD
R3: 1.2690 R2: 1.2602 R1: 1.2565 PP: 1.2477 S1: 1.2440 S2: 1.2352 S3: 1.2315