Our team has over 7,000,000 traders!
Every day we work together to improve trading. We get high results and move forward.
Recognition by millions of traders all over the world is the best appreciation of our work! You made your choice and we will do everything it takes to meet your expectations!
We are a great team together!
InstaSpot. Proud to work for you!
Actor, UFC 6 tournament champion and a true hero!
The man who made himself. The man that goes our way.
The secret behind Taktarov's success is constant movement towards the goal.
Reveal all the sides of your talent!
Discover, try, fail - but never stop!
InstaSpot. Your success story starts here!
USD/CAD dropped after reaching the 1.2458 level and now is trading at 1.2382. The pair trading higher right now after finding demand on the weekly pivot point (1.2356). A temporary decline was expected after the most recent upwards movement.
The pair has dropped amid the broad-based strength of the US dollar. The US Dollar Index gained bullish momentum last week. Currently, the US dollar is holding the upper hand over its rival currencies. The US is due to release the Existing Home Sales and the Richmond Manufacturing Index, but I don't believe that these figures could have a big impact.
USD/CAD has found strong resistance at the first warning line (WL1) of the major descending pitchfork. Now, the sell-off was stopped by the weekly pivot point (1.2356) level.
It could jump higher as long as it stays above this level. An important growth could be validated by a valid breakout through the warning line (WL1). The bias is still bullish in the short term, despite the most recent sell-off.
A valid breakout above the warning line (WL1) could really signal an upwards continuation. Now it is risky to buy USD/CAD only because the immediate resistance levels are strong.
Selling here is risky because the bias is still bullish. The US Dollar could resume its growth anytime.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
