Technical analysis of USD/CAD for July 20, 2018
The pivot point is seen at the price of 1.3247, for that the trend is still trade around it since yesterday. The USD/CAD pair will probably continue to rise from the level of 1.3139. It should be noted that the support is established at the level of 1.3139 which represents the 61.8% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the USD/CAD pair is showing signs of strength following a breakout of the highest level of 1.3247. So, buy above the level of 1.3247 with the first target at 1.3309 in order to test the daily resistance 1 and further to 1.3385. Also, it might be noted that the level of 1.3385 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the USD/CAD pair breaks through the support level of 1.3064, a further decline to 1.2990 can occur which would indicate a bearish market.