FX.co ★ USD/CAD: technical analysis for October 1, 2013

Overview:

The resistance for USD/CAD is set at the level of 1.0383, therefore, the bears are going to sell below 1.0383, because there is a double top at the price of 1.0380 (61.8% Fibonacci retracement levels). So it should also be noted that the resistance is set at the level of 1.0383, thus swing trade at the area of 1.0383 in order to sell with the target of 1.0315 is preferable; it might resume to 1.0240. Additionally, the trend will call for a bearish market at the level of 1.0380, there is a bearish channel. It might be informing that the stop loss should never exceed your maximum exposure amounts. Hence, set stop loss above 1.0383 at the level of 1.0430, then the bulls are going to buy above 1.0235 (38.2% Fibonacci retracement levels) with the first target of 1.03, it might resume to 1.0345. It should be noted that the volatility: 213.60, then the market indicates the higher volatility. In the long term, if the market calls for bearish, then the price will form a double bottom at the level of 1.0184 (in H4 time frame).

Intraday technical levels:

Projected High: 1.0456

Breakout (Buy Stop): 1.0401

Strong Resistance (Sell Limit): 1.0371

Current Pivot: 1.0310

Strong Support (Buy Limit): 1.0248

Breakout (Sell Stop): 1.0223

Projected Low: 1.0173