USD/CAD: bullish with ranging started. The pair is on bullish market condition with the ranging to be started this week. The price is moved within the following key levels:
- 1.3213 resistance level located far above Ichimoku cloud; if the price breaks this level so we may see good trend following movement on breakout way.
- 1.1312 support level located on the border between the primary bearish and the primary bullish on the chart; if the price breaks this level so we may see the global reversal of the price movement to the bearish market condition.
Thus, there are 3 scenarios for the price movement for tomorrow and next weeks:
- the price will break 1.3213 level for breakout and good movement;
- price is breaking 1.1312 support to be reversed for bearish market condition;
- the price is moved within the levels in ranging/choppy way.
There are intermediate levels for the price to be broken to reach the key levels: 1.2127 support level and 1.3102 resistance level. It means that the price should break one of those intermediate level for the key levels to be the real targets. For example, we can start speaking about bullish breakout only if the price will cross 1.3102 resistance intermediate level on the way to the bullish breakout target 1.3213.
| Resistance | Support |
|---|---|
| 1.3102 | 1.2127 |
| 1.3213 | 1.1312 |
