Technical analysis
Mohamed Samy
Yesterday Not only we had a strong bearish breakout of the marked bullish channel, but also we had consolidation zone 1.0364-1.0294 broken to the downside.
Decline of USD/CAD price stopped at 1.0120 which is 61.8% Fibonacci level of the whole swing up marked on the chart.
It's important to note that area 1.0120- 1.0210 is a good demand zone as marked on the chart.
Current support levels: 1.0120, 1.0064 and 0.9949
Current resistance levels: 1.0294, 1.0364 and 1.0500.
Break of any support/resistance level opens the way to the next one.
Based on the previous analysis
The best trade in the current situation is selling USD/CAD at 1.0294 with SL above 1.0370.
TP should be at 1.0260 , 1.0212 and 1.0140.
http://instaforex.com/forex_analysis/45080/?x=OUE
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