USD/CAD has been trading in a downtrend from the level of 1.1279. The pair has a breakout from a symmetric triangle. Now it is trading below the breakout level. In Asia’s trading session the pair is trading at the level of 1.1102. The level of 1.1083 (50SMA) is the major support level and 1.10718 (40EMA) is the minor support level. If the pair breaks the 1.1083, more bear grip will take place in further trading sessions towards the downside purple line or even lower at 1.0955 (March 06 low).
In the H4 chart, the pair has been taking support in 1.1090-1.1081. On the down side, if the pair breaks below the 1.1090 level, it will fall to 1.1026 and 1.0955. On the upside 1.1164 is the major resistance level if it holds the level of 1.1081. In the weekly chart, RSI favors sell side. Sell on rise is the best strategy for positional holders.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD has been trading in a downtrend from the level of 1.1279. The pair has a
breakout from a symmetric triangle. Now
it is trading below the breakout level. In Asia’s trading session the pair is
trading at the level of 1.1102. The level of 1.1083 (50SMA) is the major support
level and 1.10718 (40EMA) is the minor support level. If the pair breaks the
1.1083, more bear grip will take place in further trading sessions towards the
downside purple line or even lower at 1.0955 (March 06 low).
In the H4
chart, the pair has been taking support in 1.1090-1.1081. On the down
side, if the pair breaks below the 1.1090 level, it will fall to 1.1026 and 1.0955.
On the upside 1.1164 is the major resistance level if it holds the level of 1.1081.
In the weekly chart, RSI favors sell side. Sell on rise is the best strategy
for positional holders.
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