USD/CAD intraday technical analysis and trading recommendations for June 19, 2013
June 19, 2013 4:00 pm
The USDCAD pair was declining for the second week except for some recovery observed on the last three trading days which is not that strong by the way.
Further bearishness is expected this week. This will leave the pair targeting further downside towards the 1.0100 level, where the lower limit of the bullish channel is located.
Another support stands around 1.0000 level and possibly lower towards the 0.9900 level.
On the other side, the pair will have to break and consolidate above 1.0250 initially and then 1.0379 levels to start over a short-term uptrend.
Reversal of the ongoing bearishness will probably target 1.0441 level where a breakthrough will aim at the 1.0500 level. However, the ongoing bearish scenario is still more expected.
The material has been provided by InstaForex Company – www.instaforex.com
The USDCAD pair was declining for the second week except for some recovery observed on the last three trading days which is not that strong by the way.
Further bearishness is expected this week. This will leave the pair targeting further downside towards the 1.0100 level, where the lower limit of the bullish channel is located.
Another support stands around 1.0000 level and possibly lower towards the 0.9900 level.
On the other side, the pair will have to break and consolidate above 1.0250 initially and then 1.0379 levels to start over a short-term uptrend.
Reversal of the ongoing bearishness will probably target 1.0441 level where a breakthrough will aim at the 1.0500 level. However, the ongoing bearish scenario is still more expected.
The material has been provided by InstaForex Company – www.instaforex.com
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