- Due tDue to the previous events, theUSD/CAD pair has still set between the levels of 1.2826 and 1.2950, so it is recommended to be careful while making deals inside this area. Also, it should be noted that the market showed the signs of instability. The trend was controversial as it took place in a narrow sideways channel. Therefore, it is necessary to wait until the sideways channel is passed through. Then the market will probably show signs of a bullish trend because the support has already set at the level of 1.2830. In other words, buy deals are recommended above the level of 1.2830 with the first target at 1.2975 to test the monthly pivot point. From this point, the pair is likely to begin an ascending movement towards 1.3000 and further to the level of 1.3025 in the long term to form a new double top. The level of 1.3025 will act as strong resistance in coming days. However, the pair can turn downwards continuing the development of the bearish trend to the level 1.2903 for a correction.
- Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
- The key level is at 1.2946 (the double top).
- History will probably repeat itself at this level again.
The material has been provided by InstaForex Company – www.instaforex.com