USDCAD Weekly Technical Outlook (2-6 March, 2015) | March 1, 2015

Usdcad has bounced back from support area again. It has formed a bullish engulfing pattern on support area. Support area lies on 1.2370-1.2400 level. This area has become very strong level for this pair. We got a bullish sign from that support. So we can go for buy on this pair. Next target for this pair is 1.2700 area. On the other hand, if we can see any breakout of this support area on this pair, then we can sell on this pair. But it will be hard for this pair to break this support. So it is better to stay on upside for buy.



Weekly Pivot, Support and Resistance

Resistance Two (R2): 1.2794

Resistance One (R1): 1.2649

Pivot Point: 1.2518

Support One (S1): 1.2373

Support Two (S2): 1.2242