USD/CAD intraday technical levels and trading recommendations for January 10, 2014
January 10, 2014 2:30 pm
The USD/CAD pair has been strongly bullish since September 16. The current Bullish momentum started when obvious bullish rejection was expressed on testing of 1.0250 (shown on the depicted chart).
Daily fixation above 1.0575 enabled the pair to reach 1.0660 then 1.0700. A consolidation zone was established between 1.0575-1.0700 (the upper limit of which applied successive bearish rejections).
This thing rendered the intraday view negative until the bulls managed to breach 1.0660 then 1.0700 on Tuesday with a daily closure at 1.0765.
Consolidation above 1.0700 gathered strong bullish momentum towards 1.0825-1.0850 ( confluence of resistance corresponding to the upper limit of both depicted bullish channels).
Today, the U.S.D bulls are waiting for fundamental data expected to show the highest annual pace since the end of the recession. On the other hand, the CAD investors are waiting for significant data releases regarding unemployment rates as well. These data releases will probably have an impact on the USD/CAD pair movement today.
Technically, the price zone of 1.0850-1.0900 being tested today will probably be a valid SELL entry for a corrective movement to target 1.0700 then 1.0660.
Note that the DAILY closure above 1.0900 invalidates this bearish scenario for the short-term.В
The material has been provided by InstaForex Company – www.instaforex.com
The USD/CAD pair has been strongly bullish since September 16. The current Bullish momentum started when obvious bullish rejection was expressed on testing of 1.0250 (shown on the depicted chart).
Daily fixation above 1.0575 enabled the pair to reach 1.0660 then 1.0700. A consolidation zone was established between 1.0575-1.0700 (the upper limit of which applied successive bearish rejections).
This thing rendered the intraday view negative until the bulls managed to breach 1.0660 then 1.0700 on Tuesday with a daily closure at 1.0765.
Consolidation above 1.0700 gathered strong bullish momentum towards 1.0825-1.0850 ( confluence of resistance corresponding to the upper limit of both depicted bullish channels).
Today, the U.S.D bulls are waiting for fundamental data expected to show the highest annual pace since the end of the recession. On the other hand, the CAD investors are waiting for significant data releases regarding unemployment rates as well. These data releases will probably have an impact on the USD/CAD pair movement today.
Technically, the price zone of 1.0850-1.0900 being tested today will probably be a valid SELL entry for a corrective movement to target 1.0700 then 1.0660.
Note that the DAILY closure above 1.0900 invalidates this bearish scenario for the short-term.В
The material has been provided by InstaForex Company – www.instaforex.com
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