InstaForex - Analytics

    InstaForex

    736.75 6.25/10
    62% of positive reviews
    Real

    USD/CAD intraday technical levels and trading recommendations for November 6, 2015

    cadweekly.png

    Show full picture
    caddaily.png

    Show full picture

    Overview:

    A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15 (highlighted in pale pink).

    The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls moved further above the resistance level, which was bypassed on September 23.

    A significant bearish rejection was observed around 1.3450 where the 141.4% Fibonacci Expansion was roughly located.

    Later on October 1, bearish persistence below 1.3270 (Fibonacci Expansion 100%) was expressed. This applied enough bearish pressure to expose the next support levels around 1.2910 and 1.2750 where long-term buy entries were suggested.

    On October 23, daily closure above 1.3100 was achieved. This enhanced the bullish side of the market.

    The price level of 1.3270 (Fibonacci Expansion 100%) got exposed shortly after USD/CAD bulls managed to push above the price level of 1.3100.

    On October 28, a valid sell entry was suggested around the level of 1.3270 (FE 100%). It is running in profits now. Target levels are located at 1.3075 and 1.2930.

    A bearish breakdown of the support level at 1.3075 was mandatory to allow further bearish decline initially towards 1.2930.

    Otherwise, another bullish visit towards the price level of 1.3270 (FE 100%) will be executed (which is the current scenario).

    Trading recommendations:

    Conservative traders should wait either to SELL the USD/CAD pair around 1.3270-1.3300 or BUY the pair around the recent breakout zone (1.2800-1.2750) as the breakout zone constitutes a strong support.

    S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.


    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