USD/CAD intraday technical analysis and trading recommendations for March 26, 2013
March 26, 2013 2:15 pm
The USD/CAD pair is holding firmly above its broken resistance at 1.0100 level. However, lack of the bullish steam seemed to exist during the last two weeks and the pair seems to be under negative pressure.
Last week we got some bearish rejection around 1.0300, which was followed by multiple days of indecision within the same consolidation range 1.0225-1.0330 until the pair gave obvious daily closure below 1.0220 which was followed by quick return above 1.0220 which is still being tested today. The most suggested scenario now is bearish; as long as the topping at 1.0340 remains unbroken with SL as 4H closure above 1.0295. By breakdown of the lower limit of the movement range at 1.0220, the USD/CAD pair will have a projection target at 1.0110. On the other side, it is important to note that support is located around 1.0160 level, where a breakdown will allow movement towards 1.0130 (50% Fibonacci) then 1.0100 level to take place.
The material has been provided by InstaForex Company – www.instaforex.com
The USD/CAD pair is holding firmly above its broken resistance at 1.0100 level. However, lack of the bullish steam seemed to exist during the last two weeks and the pair seems to be under negative pressure.
Last week we got some bearish rejection around 1.0300, which was followed by multiple days of indecision within the same consolidation range 1.0225-1.0330 until the pair gave obvious daily closure below 1.0220 which was followed by quick return above 1.0220 which is still being tested today.
The most suggested scenario now is bearish; as long as the topping at 1.0340 remains unbroken with SL as 4H closure above 1.0295.
By breakdown of the lower limit of the movement range at 1.0220, the USD/CAD pair will have a projection target at 1.0110.
On the other side, it is important to note that support is located around 1.0160 level, where a breakdown will allow movement towards 1.0130 (50% Fibonacci) then 1.0100 level to take place.
The material has been provided by InstaForex Company – www.instaforex.com
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