FX.co ★ USD/CAD technical analysis for August 14, 2013

Overview:

The resistance of USD/CAD sets at the level of 1.0425, therefore the bears are going to sell below 1.0425 because there is a double top on the price of 1.0425. So it should also be noted that the resistance sets at the level of 1.0425, thus swing trade at 1.0430 in order to sell with the target of 1.0353 is recommended, it might resume to 1.0250. Additionally, the trend will call for a bearish market at 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 1.0270, then the bulls are going to buy above 1.0270 with the first target at 1.0365, it might resume to 1.0430.

Intraday technical levels:

Date & Time: 14/08/2013 14:25

Pair: USD/CAD

Projected High: 1.0478

Breakout (Buy Stop): 1.0423

Strong Resistance (Sell Limit): 1.0393

Current Pivot: 1.0326

Strong Support (Buy Limit): 1.0258

Breakout (Sell Stop): 1.0233

Projected Low: 1.0183