- In the short term, the USD/CAD pair rebounded at the level of 1.2368 following the level
of 1.2370. The level at 1.2370 will represent a new strong resistance on June
- Additionally, the support was broken and turned to
resistance at 1.0780. Also, it should be noted that the area of 1.2370-1.2380
is acting as a strong spot because the price set below the resistance a week
ago. Furthermore, the price has still traded between 1.2370 and 1.2196.
- Therefore, the USD/CAD pair started showing signs of a
bearish market. So, the market indicates the bearish opportunity at the level
of 1.2370 with the first target at 1.2196.
- The USD/CAD pair is probably moving towards the level of 1.2167.
- On the other hand, the stop loss should always be taken into account, hence it will of the sagacity to set your stop loss at 1.2422.
The material has been provided by InstaForex Company – www.instaforex.com