FX.co ★ USD/CAD technical analysis for November 21, 2013

Overview:

• The resistance of USD/CAD sets at the level of 1.0499; therefore, the bears are going to sell below 1.0500, because there is a double top at the price of 1.0527. So it should also be noted that the resistance sets at the level of 1.0499, thus, swing trade at 1.0499 - 1.0527 in order to sell with the target of 1.0445 is recommended, it might resume to 1.0375. 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. Thus, set a stop loss above 1.0563.
• However, the USD/CAD pair has still been trapped between 1.0486 (78% of Fibonacci retracement levels) and 1.0375 (50% of Fibonacci retracement levels). At the same time, the support sets at the level of 1.0375, then the bulls are going to buy above 1.0370 with the first target at 1.0425, it might resume to 1.0495.