Barclays Capital made a technical forecast for USD/CAD explaining their position opened with key targets:
- "The overnight sell-off in crude oil encourages our bullish view. A move above our initial upside targets near 1.3080 would signal higher in range towards 1.3150 and then the 1.3460 year-to-date highs."
So, they foresee 1.3080 as the key resistance level, and if the price breaks this level from below to above - the next bullish targets will be 1.3150 and 1.3460. There are the following key targets for this pair:
- 1.3456 resistance level located in the bullish area of the chart;
- 1.1919 support level located on the border between the primary bearish and the primary bullish.
If W1 price will break 1.1919 support level on close W1 bar so we may see the reversal of the pice
movement from the primary bullish to the primary bearish market
condition.
If W1 price will break 1.3456 resistance level so the bullish trend will be continuing.
If not so the price will be ranging within the levels.
