Technical analysis of USD/CAD for February 12, 2014
February 12, 2014 3:50 pm
Yellen put forward that the Fed will continue tapering its bond buying program, if the economy moves in the same phase. USD traded mixed against its major peers. The USDCAD pair slumped yesterday from the high of 1.1090 to the low of 1.1003. The pair closed below the 23.6 Fibonacci level and its upper trend line, which raises the bearish view. In the daily chart, the RSI broke down its upward trend, which has been forming from September 2013. Today, in Asia’s trading session the pair opened on a bullish note as of now. In the hourly chart, the RSI indicates a buy signal, pullback is expected. The latest weekly CFTC report says the USDCAD pair 12,852 long vs 88,495 short. The ratio stood at 1/7.
Support: 1.1000, 1.0968
Resistance: 1.1029, 1.1035
Intraday recommendation: go long with sl 1.1000, target 1.1026
Sell below 1.1000 on positional basis
The material has been provided by InstaForex Company – www.instaforex.com
Yellen put forward that the Fed will continue tapering its bond buying program, if the
economy moves in the same phase. USD traded mixed against its major peers. The USDCAD pair slumped yesterday from
the high of 1.1090 to the low of 1.1003. The pair closed below the 23.6 Fibonacci level and its upper trend line, which raises the bearish view. In the daily chart, the RSI
broke down its upward trend, which has been forming from September 2013. Today, in Asia’s trading session the pair opened on a bullish note as of now. In the hourly chart, the RSI indicates a buy signal, pullback is expected. The latest weekly CFTC report says the USDCAD pair 12,852 long vs 88,495
short. The ratio stood at 1/7.
Support: 1.1000, 1.0968
Resistance: 1.1029, 1.1035
Intraday recommendation: go long with sl 1.1000, target 1.1026
Sell below 1.1000 on positional basis
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