FX.co ★ Technical analysis of USD/CAD for June 26, 2014

Overview:

• As expected, the USD/CAD pair rebounded at the level of 1.0723 in the short term, and it showed signs of strength following the level of 1.0666. The level of 1.0666 is going to represent a strong support on June 2014. Additionally, the support has broken and turned to resistance at the level (1.0780). Also, it should be noted that the area of 1.0666 - 1.0625 is acting as a strong spot because the price set above the support a month ago. Furthermore, the price has still been trapped between 1.0660 and 1.0780. Therefore, the USD/CAD pair started showing the signs of bullish market, so the market indicates the bullish opportunity at the level of 1.0666 with the first target of 1.0740, and continues towards the level of 1.0780 again. On the other hand, the stop loss should always be taken into account, thus it will of the wisdom to set your stop loss at the 1.0610 price.