FX.co ★ Technical analysis of USD/CAD for February 27, 2014

Overview:

• As expected, the USD/CAD pair rebounded at the level of 1.1190, and it showed signs of strength following the level of 1.1060. Additionally, the resistance has broken and turned to support at the same key level (1.1058). Equally important, the price set above the support seven days ago. Consequently, the pair has already formed a strong support at 1.1060. Furthermore, the price has still been trapped between 1.1150 and 1.1110. Therefore, the USD/CAD pair started showing the signs of bullish market, so the market indicates the bullish opportunity at the level of 1.1060 with the first target of 1.1140, and continues towards the level of 1.1190 again. On the other hand, the stop loss should always be in account, hence it will of the wisdom to set your stop loss at the 1.1025 price.