InstaForex - Analytics


    734.75 6.25/10
    62% of positive reviews

    USD/CAD intraday technical levels and trading recommendations for April 14, 2015


    Show full picture

    Show full picture


    SSince bulls have pushed the price further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market looks quite overbought.

    Successive lower highs were established within the wedge pattern. However, the market experienced a bullish breakout above 1.2550-1.2600 shortly after.

    The market failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a double-top pattern that calls for confirmation (a daily closure below 1.2350).

    On the other hand, the support level around 1.2350 (lower limit of the wedge pattern) and 1.2300 (79.6% Fibonacci level) have been providing support for several weeks on the daily and weekly charts.

    On a daily basis, as long as the USD/CAD pair keeps trading above 1.2550 (intraday support level), an initial bullish swing towards 1.2800 should be expected (upper limit of the current consolidation range).

    In the long term, a projected target for the USD/CAD wedge pattern would be located near the level of 1.3050 (the origin of the last bearish swing initiated on March 2009, 100% Fibonacci level).

    On the other hand, daily closure below 1.2550 brings the USD/CAD pair to 1.2300-1.2350 again (where the lower limit of the wedge pattern as well as 79.6% Fibonacci level is located).

    Trading recommendations:

    As anticipated, risky traders should wait for bullish breakout above 1.2550 for a valid long entry.

    T/P to be placed at the price levels of 1.2740, 1.2800, and finally 1.3040.

    Mohamed Samy neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree