USD/CAD intraday technical levels and trading recommendations for January 14, 2014
January 15, 2014 5:30 am
The USD/CAD bulls are pushing towards higher price levels (1.0900) that haven’t been reached since September 2009.В
The USD/CAD pair has been strongly bullish since September 16. The current Bullish momentum was initiated at retesting of 1.0250 (shown on the depicted chart).
Daily fixation above 1.0570 enabled the pair to establish a consolidation range between 1.0575-1.0700 (the upper limit of which applied successive bearish rejections).В
Price Zone 1.0900-1.0950 corresponds to confluence of resistance (the upper limit of both depicted bullish channels).
The current bullish stabilization above 1.0900 is mainly caused/maintained by the positive fundamental data releases in the United States.
Technically, zone of 1.0900-1.0950 being tested today will probably provide a valid SELL entry for a corrective movement towards 1.0700 initially.
DAILY closure above 1.0950 invalidates this bearish scenario for the short-term.В
The material has been provided by InstaForex Company – www.instaforex.com
The USD/CAD bulls are pushing towards higher price levels (1.0900) that haven’t been reached since September 2009.В
The USD/CAD pair has been strongly bullish since September 16. The current Bullish momentum was initiated at retesting of 1.0250 (shown on the depicted chart).
Daily fixation above 1.0570 enabled the pair to establish a consolidation range between 1.0575-1.0700 (the upper limit of which applied successive bearish rejections).В
Price Zone 1.0900-1.0950 corresponds to confluence of resistance (the upper limit of both depicted bullish channels).
The current bullish stabilization above 1.0900 is mainly caused/maintained by the positive fundamental data releases in the United States.
Technically, zone of 1.0900-1.0950 being tested today will probably provide a valid SELL entry for a corrective movement towards 1.0700 initially.
DAILY closure above 1.0950 invalidates this bearish scenario for the short-term.В
The material has been provided by InstaForex Company – www.instaforex.com
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