USD/CAD intraday technical levels and trading recommendations for January 6, 2014
January 6, 2014 3:15 pm
The USD/CAD pair has been strongly bullish since September 16 when obvious bullish rejection was expressed on testing of 1.0250.
As long as the USD/CAD pair doesn’t breach 1.0660 and stabilize above it, the intraday view remains negative towards 1.0600 and 1.0565.
Daily fixation above 1.0575 enabled the pair to reach 1.0660 then 1.0700 which prevented further bullish advancement after recording a daily high at 1.0735 when a bearish engulfing daily candlesticks were expressed.
A Triple-Top bearish pattern is being formed at 1.0700-1.0650. This needs confirmation with a daily closure below 1.0570 (earlier confirmation may be indicated with 4H breakdown).
This reversal pattern if confirmed, will be targeting at 1.0470 as a projection target as well as a prominent support level.
On the other hand, daily fixation above 1.0650 will be another signal for a bullish impulse towards 1.0770 initially.
The material has been provided by InstaForex Company – www.instaforex.com
The USD/CAD pair has been strongly bullish since September 16 when obvious bullish rejection was expressed on testing of 1.0250.
As long as the USD/CAD pair doesn’t breach 1.0660 and stabilize above it, the intraday view remains negative towards 1.0600 and 1.0565.
Daily fixation above 1.0575 enabled the pair to reach 1.0660 then 1.0700 which prevented further bullish advancement after recording a daily high at 1.0735 when a bearish engulfing daily candlesticks were expressed.
A Triple-Top bearish pattern is being formed at 1.0700-1.0650. This needs confirmation with a daily closure below 1.0570 (earlier confirmation may be indicated with 4H breakdown).
This reversal pattern if confirmed, will be targeting at 1.0470 as a projection target as well as a prominent support level.
On the other hand, daily fixation above 1.0650 will be another signal for a bullish impulse towards 1.0770 initially.
The material has been provided by InstaForex Company – www.instaforex.com
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