FX.co ★ Technical analysis of USD/CAD for May 8, 2014

Overview:

• The trading recommendations today will give its effect in the short term. Also, we should remember that history will probably repeat itself at this level again. Thus, according to the previous events, the USD/CAD pair is going to move between 1.0960 and 1.0870. In particular, the double bottom has set at the price of 1.0858 and the support is represented at the same level in H1 chart. Consequently, the trend may fails to close below the strong support at 1.0858. Thereupon, buy below the level of 1.10850 with the first target at 1.0900, then it will be continued towards 1.0960 in order to test this strong support.

Daily key levels:

• Major resistance: 1.1050
• Minor resistance: 1.0960
• Pivot point: 1.0910
• Minor support: 1.0858
• Major support: 1.0780