Overview:

• The price of USD/CAD pair is continuing to show signs of strength following the break at the price of 1.1561. The level of 1.1561 represents a strong support this month and coincides with the 50% of Fibonacci retracement levels in H1 chart. Therefore, the USD/CAD pair resistance has broken and it has turned to support for a month approximately. Moreover, the pair has already formed the strong support at the level of 1.1560. So, the market indicates a bullish opportunity at the level of 1.1565 with the target of 1.1625. It should be noted that the ratio of 78.6% Fibonacci retracement levels coincides with the price of 1.1625. If the price of USD/CAD pair wil be able to break the level of 1.1625; then the trend continues towards the second target at 1.1648. Also, it should be noted that the double top has already set at the point of 1.1673. And if the trend breaks this level and closes below the key level (1.1587), then it will be a rather convincing downside momentum. The structure of the fall does not look corrective, for that the market will indicate a bearish opportunity at the price of 1.1587. Accordingly, it will be a good sign to sell at this level. It should be noticed that the support has already been placed at the 1.1561 level.