USD/CAD intraday technical analysis and trading recommendations for July 2, 2013
July 2, 2013 3:00 pm
The USD/CAD pair rose steeply last week approaching key resistance level of the ascending channel around at 1.0530 as depicted in the chart.
The pair expressed a quite significant bearish movement during last week due to bearish rejection expressed at the upper limit of the ascending channel.
Today, the possibility of a downside move is still intact, consolidation and trading below 1.0530 remains negative. However, we need to see the pair fixes below 1.0470 to enhance this bearish view. However, upon reaching down to 1.0425, the pair expressed strong bullish rejection which pushed the pair again to retest 1.0550 again.
The reversal of the ongoing bullishness may be taking place around the current levels especially after the bearish pressure manifested in the “Inverted Hammer & Spinning Top” expressed at the beginning of last week.
The price zone between 1.5390-1.5320 represent a strong support zone for the pair. Any bearish retracement will target this zone initially where the price action should be watched for a possible BUY entry.
The previously suggested sell entry around 1.0550 remains valid with SL located above 1.0595 with target levels located at 1.0420 then 1.0340.
The material has been provided by InstaForex Company – www.instaforex.com
The USD/CAD pair rose steeply last week approaching key resistance level of the ascending channel around at 1.0530 as depicted in the chart.
The pair expressed a quite significant bearish movement during last week due to bearish rejection expressed at the upper limit of the ascending channel.
Today, the possibility of a downside move is still intact, consolidation and trading below 1.0530 remains negative. However, we need to see the pair fixes below 1.0470 to enhance this bearish view. However, upon reaching down to 1.0425, the pair expressed strong bullish rejection which pushed the pair again to retest 1.0550 again.
The reversal of the ongoing bullishness may be taking place around the current levels especially after the bearish pressure manifested in the “Inverted Hammer & Spinning Top” expressed at the beginning of last week.
The price zone between 1.5390-1.5320 represent a strong support zone for the pair. Any bearish retracement will target this zone initially where the price action should be watched for a possible BUY entry.
The previously suggested sell entry around 1.0550 remains valid with SL located above 1.0595 with target levels located at 1.0420 then 1.0340.
The material has been provided by InstaForex Company – www.instaforex.com
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