Mustafa Hindawi writes: USDCAD bounced back from1.0620 due to bad data releases from Canada and closed last Friday at 1.0736 .
This pair offers a high probability trading setup both fundamentally and technically.

See price bounce from major up-trend line ,broken resistance – now support – and 50% Fibonacci Fan.
Bullish Reversal Morning Star candlestick pattern is very obvious and gives us more confirmation.

On daily time frame , MACD signal line has crossed upwards with MACD ticks building above Zero line.

Buy orders to be placed around current levels 1.0694 – 1.0733
Stop loss levels below Reversal Doji Star candlestick and support levels at 1.0620 – 1.0560
Profit target levels are around 1.1200

Price should remove minor resistance level "around 1.0850" before continuing to target at 1.1200
Apply entry , stop and exit levels for your convenience!

Watch important data releases from USA and Canada. Oil price is important for this pair due to conflicts in Middle East. recent

By: Mustafa Hindawi
I am an independent Forex Market Analyst and Investor.

Copyright © 2014 Mustafa Hindawi - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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