You are here: Home > articles > Forex > USD/CAD intraday technical levels and trading recommendations for April 24, 2017
USD/CAD intraday technical levels and trading recommendations for April 24, 2017
April 23, 2017 11:55 pmVideo
Latest News
- Technical Analysis – NZDUSD retreats after hitting wall at descending trendline June 21, 2023
- Technical Analysis – Bitcoin breaks downward sloping resistance line June 21, 2023
- Dollar: Buyers expect new drivers June 21, 2023
- Bitcoin rebounds above $28.5k: what to expect next? June 21, 2023
- Forex forecast 06/21/2023 GBP/USD, Gold, Oil and Bitcoin from Sebastian Seliga June 21, 2023
- Technical Analysis – The calm before the storm for Visa stock? June 21, 2023
- Eurozone flash PMI figures to test recession fears – Forex News Preview June 21, 2023
- GBP/USD: UK inflation growth report June 21, 2023
- Trading plan for US dollar index on June 21, 2023 June 21, 2023
- Analysis and trading tips for GBP/USD on June 21 (US session) June 21, 2023
- Analysis and trading tips for EUR/USD on June 21 (US session) June 21, 2023
- EUR/USD: trading plan for US session on June 21. Overview of morning trades. Euro awaits Powell’s speech June 21, 2023
- Trading plan for EURUSD on June 21, 2023 June 21, 2023
- Gold remains the best safe haven asset June 21, 2023
- Video market update for June 21, 2023 June 21, 2023
- Central banks prepare for a new monetary regime June 21, 2023
- Gold: Will consolidation be ending soon? June 21, 2023
- GBP/USD. June 21st. Inflation in the UK fails to impress again June 21, 2023
- Analysis of EUR/USD on June 21. Powell’s speech to cause surge in volatility June 21, 2023
- EUR/USD and GBP/USD: Trading plan for beginners on June 21, 2023 June 21, 2023
Since April 2016, the USD/CAD pair has been trending upward within the depicted ascending channel.
In December 2016, a bullish breakout above 1.3300 (50% Fibonacci level) was expected to allow a further advance toward 1.3700-1.3750 (the upper limit of the depicted channel).
However, significant bearish rejection was expressed around 1.3580 (recently established top).
During the bearish pullback, the price level of 1.3300 (50% Fibonacci Level) failed to provide enough support to the pair.
This allowed a further bearish movement toward the price level of 1.2970 (61.8% Fibonacci level) where a valid BUY entry was offered in February 2017.
A few weeks ago, the bullish breakout above 1.3300 (50% Fibonacci Level) enhanced a further advance toward 1.3440 and 1.3530.
The next bullish target would be located around 1.3800 (upper limit of the depicted channel) if the pair maintains upside trading above 1.3300 (50% Fibonacci Level) which stands as a prominent support level.
On the other hand, if the USD/CAD pair moves below 1.3300, it may become trapped again within the depicted consolidation range (1.3300-1.2970).
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: