USD/CAD intraday technical analysis for March 29, 2013
March 29, 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 which was manifested on Tuesday in the massive bearish daily candlestick.
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 repeated on Tuesday after breakdown of 1.220 again. The most suggested scenario now is bearish; as long as the USD/CAD pair remains below 1.0220 with SL as 4H closure above 1.0200 to secure some profits. By breakdown of the lower limit of the movement range at 1.0220, the USD/CAD pair probably has a projection target at 1.0110. On the other side, it is important to note that support was located around 1.0160 level which was broken yesterday, this breakdown will probably 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 which was manifested on Tuesday in the massive bearish daily candlestick.
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 repeated on Tuesday after breakdown of 1.220 again.
The most suggested scenario now is bearish; as long as the USD/CAD pair remains below 1.0220 with SL as 4H closure above 1.0200 to secure some profits.
By breakdown of the lower limit of the movement range at 1.0220, the USD/CAD pair probably has a projection target at 1.0110.
On the other side, it is important to note that support was located around 1.0160 level which was broken yesterday, this breakdown will probably 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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