InstaForex - Analytics


    740.25 6.25/10
    63% of positive reviews

    USD/CAD intraday technical levels and trading recommendations for June 10, 2015


    Show full picture

    Show full picture


    Since bulls pushed the price further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market looks quite overbought. That is why the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a Triple-top pattern.

    Successive lower highs were reached within the depicted consolidation zone enhancing the bearish side of the market.

    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.

    Daily fixation below 1.2300 opened the way for the USD/CAD pair towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

    That is why significant bullish support was offered around these levels. Since then, a bullish pullback has been taking place.

    On the other hand, the price zone of 1.2430-1.2500 constitutes a significant resistance zone for USD/CAD.

    As anticipated, a bearish candle closure below 1.2430 enhanced further bearish advancement.

    This offered a low-risk sell position with good long-term potential targets especially if enough bearish momentum is applied against the depicted weekly uptrend.

    T/P levels should be placed at 1.2220, 1.2100, and 1.1950 while S/L should be lowered to 1.2350 to secure profits.

    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