USD/CAD: ranging bullish with key resistance to be broken

USD/CAD: ranging bullish with key resistance to be broken

25 November 2015, 18:11
Sergey Golubev
0
844

USD/CAD: ranging bullish with key resistance to be broken. The price is on bullish market condition located to be above 100 period SMA (100 SMA) and 200 period SMA (200 SMA) for the ranging within the following key support/resistance levels:

  • Fibo resistance level at 1.3456, and
  • Fibo support level at 1.2831.

The bearish reversal support level for this pair is 1.1919 so if the price breaks this level from above to below - the reversal of the price movement to the primary bearish market condition will be started.

  • if the price breaks 1.3456 resistance on close weekly bar so the primary bullish market condition will be continuing;
  • if the price breaks 1.2831 support level so the secondary correction within the primary bullish condition will be started;
  • if not so the price will be moved within the channel.
Resistance
Support
1.34561.2831
N/A
1.1919
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