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    Technical analysis and trading recommendation on USD/CAD for February 02, 2015

    The pair moved to 1.2798 which has been the highest ever level since 2009. The CAD lost 46% in the previous month. Last week, the pair gained 2.5% and closed at the highest level. The Canadian GDP dropped 0.2% in November, largely due to declines in manufacturing, mining, and oil & gas production. The fall in crude oil prices weighted with the pair. On the other hand, the US GDP increased at an annual rate of 2.6 percent in the fourth quarter of 2014, according to the "advance" estimate released by the Bureau of Economic Analysis, but missed the forecast at 3.0 percent. Today, the focus has shifted to the US ISM manufacturing PMI. We expect the US dollar to continue is domination against most major pairs.

    Today, at the early Asian session, the pair again opened on a bullish note. But the pair is unable to breach the previous day high. Last week, we recommended fresh buying above 1.2540. The pair made a high at 1.2798. The pair has the nearest monthly multiple resistance at 1.3000. So, please keep an eye near that level. We recommended caution close to 1.3000 for the fresh buying. On the h4-cart, the pair made a double top at 1.2798. We advised another strong upmove above 1.2800 for another 100 and 150 pips. Risky traders can buy above 1.2750; safe buying will be triggered above 1.2800. The support level exists at 1.2660, 1.2600, and 1.2525. We recommend selling only below 1.2525 this week.

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