FX.co ★ Technical analysis of USD/CAD for December 8, 2015

Overview:

• The resistance of the USD/CAD pair has been broken and turned into support at the key level of 1.3436, so the support of the USD/CAD pair has already been set at the price of 1.3436. Moreover, the same level is coinciding with the 78.6% Fibonacci retracement levels. Consequently, the pair is going to form a strong support at the 1.3443 price. Equally important, the price has been set above the resistance since last week. Furthermore, the price is still moving between 1.3583 and 1.3476. Therefore, the USD/CAD pair started showing the signs of a bullish market, hence the market indicates the bullish opportunity at the level of 1.3505 with the first target of 1.3583, and continues towards the level of 1.3651 with a view to form a new double top. Additionally, the level of 1.3651 is representing a strong resistance on December 08, 2015.