- Yesterday, the USD/CAD pair dropped sharply from the level of 1.2506 towards 1.2452.
- Now, the price is set at 1.2411. On the H4 chart, the resistance of USD/CAD pair is seen at the level of 1.2506 and 1.2550.
- It should be noted that volatility is very high for that the USD/CAD pair is still moving between 1.2506 and 1.2364 in coming hours.
- Also, it should be noticed that support 1 is seen at the level of 1.2506 which coincides the daily pivot point.
- Moreover, the price spot of 1.2506/1.2452 remains a significant resistance zone. Therefore, there is a possibility that the USD/CAD pair will move downside and the structure of a fall does not look corrective.
- The market will indicate the bearish opportunity below 1.2506/1.2452, sell below 1.2506 or/and 1.2452 with the first target at 1.2364 in order to test yesterday’s bottom.
- Additionally, if the USD/CAD pair is able to break out the bottom at 1.2364, the market will decline further to 1.2287 in order to test the weekly support 2.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.