Overview:
The market of the USD/CAD pair is continuing to show signs of strength following the break level of 1.2402. Besides, resistance of the USD/CAD pair broke and turned to support a month ago (26th of January 2015). It should be noted that the pair has already formed strong support at the level of 1.2402. Hence, the market indicates a bullish opportunity at the level of 1.2400/1.2390 with a first target at 1.2533 and continues towards 1.2594 which represents strong resistance on February 27, 2015. However, according to previous events, the price has still traded between 1.2402 and 1.2594. Thereupon, if the trend can break this level and close below the price of 1.2390, then we expect the market to gain a convincing downside momentum and the structure of the fall does not look corrective. For that reason, the market will indicate a bearish opportunity at the spot of 1.2594. As the price is below 1.2594, look for further downside with a target of 1.2420.Intraday technical levels:
Date: 27/02/2015
Pair: USD/CAD
R3: 1.2627 R2: 1.2571 R1: 1.2536 PP: 1.2480 S1: 1.2424 S2: 1.2389 S3: 1.2333