Technical analysis of USD/CAD for March 14, 2014

The pair is trading near the resistance level. The
pair is in an upmove from the lows at 1.0955 and moved higher towards 1.1154. In the H4 chart, the pair is trading
between 1.1078-1.1038, either side breakout will lead further move. The pair has
broken the inverted head and shoulder pattern in a downtrend from previous
highs at 1.1195. If the price breaks the 200Ema level of 1.1038, it will fall back to
1.0955 and 1.0910. If the pair breaks above the resistance level of 1.10785, it
will climd up to 1.1087, 1.118, 1.1131, and 1.1150 on an intraday basis. In the
positional view, the levels of 1.0267 and
1.0955 will act as strong support. On the upper side, if the price
trades above the level 1.1154, it will hike to the 1.15 levels. The daily
momentum indicators are showing a negative signal.

Recommendations-

Hourly basis- buy with sl at 1.1044, targets at 1.10853,
1.10994 1.1123, cmp at 1.1070

Intraday –

Buy above 1.10785, targets are 1.10899, 1.1118, and 1.1134, sl 1.10382, cmp 1.1070.

Sell below 1.1038, targets are 1.0955 and 1.0910.

The material has been provided by InstaForex Company – www.instaforex.com