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    USD/CAD intraday technical levels and trading recommendations for April 27, 2015

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    Overview:

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

    The market failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a Triple-top pattern.

    Successive lower highs were established within the depicted consolidation zone, supporting the bearish side of the market.

    Moreover, support levels around 1.2350 and 1.2300 (79.6% Fibonacci level) were broken after providing significant support for several weeks on the daily and weekly charts.

    A daily fixation below 1.2300 clears the way for the USD/CAD pair towards the zone between 1.2000-1.1950 (where the projection target of the recent range breakout is located) and 1.1800 where the depicted daily uptrend is roughly located.

    The price zone at 1.2320-1.2350 remains a significant intraday resistance zone where the price actions should be watched for a low-risk sell entry at further retesting.

    Trading recommendations:

    Conservative traders should be waiting for either a bullish pullback towards 1.2320-1.2350 or a bearish breakout below 1.2100 for a valid sell entry.

    T/P levels should be placed at 1.2220, 1.2150 and 1.2050, respectively.

    On the other hand, daily closure above 1.2370 invalidates this bearish scenario.

    Mohamed Samy neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

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