FX.co ★ Technical analysis of USD/CAD for March 7, 2014

Overview:

• The USD/CAD pair rebounded at the level of 1.0910, and it showed signs of strength following the level of 1.1060. As expected, the resistance was broken and turned to support at the same key level (1.0910). Another thought, the price set above the support seven days ago. Consequently, the pair has already formed a strong support at 1.0910. Furthermore, the price has still been moving between 1.1066 and 1.0950. Therefore, the USD/CAD pair started showing the signs of bullish market, so the market indicates the bullish opportunity at the level of 1.0910 with the first target of 1.1043, and continues towards the level of 1.1103 again. Notwithstanding, the stop loss should always be in account, Consequently, it will of the foresight to set your stop loss at the 1.0885 price.

Intraday technical levels:

• R3: 1.1124
• R2: 1.1085
• R1: 1.1034
• PP: 1.0995
• S1: 1.0944
• S2: 1.0905
• S3: 1.0854