Currently, USD/CAD is trading at 1.3160. The pair is trading in a side ways trend after rebounding from its resistance level , It can move in either ways UP or DOWN. So, accordingly plotted entry levels and target prices. If the price breaks resistance level at 1.3179 it can move upward and hit the up target at 1.3242. If price breaks support level at 1.3128 it can move downward and hit down target at 1.3055.
Follow proper risk management strategy to avoid unnecessary losses and to increase profitability, don’t risk more than 2% of your capital on each trade.
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Rishikesh Lilawat has over seven years of experience in trading Forex and commodities markets, out of which three years in two investment banks as a professional Forex and commodities trader. He holds an M.B.A degree in finance and business analytics from the University of Pune. Realizing the central role of a trader and because of his personal and particular interest in trading, He built skills in market research, technical analysis, fundamental analysis, risk management, and fund management, etc and focus his efforts on communicating and sharing views on market trends and patterns.