USD/CAD intraday technical levels and trading recommendations for January 7, 2014
January 7, 2014 3:15 pm
Since September 16, the USD/CAD pair has been strongly bullish. This was started when obvious bullish rejection was expressed on testing of 1.0250.
The intraday view remained negative until the USD/CAD pair breached 1.0660 Yesterday and early today trying to stabilize above it.
Daily fixation above 1.0575 enabled the pair to reach 1.0660 then 1.0700, which prevented further bullish advancement recording a daily high at 1.0735 when bearish engulfing daily candlesticks were expressed.
A Triple Top bearish pattern was formed at 1.0700. We needed confirmation with a daily closure below 1.0570 or earlier confirmation with 4H breakdown. This pattern, if confirmed, would be targeting 1.0470 as a projection target as well as a prominent support level.
On the other hand, today the market is expressing daily consolidation above 1.0650 which is a signal for a bullish impulse towards 1.0770 initially.
Obvious daily fixation above 1.0720 will probably gather enough momentum to express a bullish swing to hit 1.0760-1.0800 initially.
The material has been provided by InstaForex Company – www.instaforex.com
Since September 16, the USD/CAD pair has been strongly bullish. This was started when obvious bullish rejection was expressed on testing of 1.0250.
The intraday view remained negative until the USD/CAD pair breached 1.0660 Yesterday and early today trying to stabilize above it.
Daily fixation above 1.0575 enabled the pair to reach 1.0660 then 1.0700, which prevented further bullish advancement recording a daily high at 1.0735 when bearish engulfing daily candlesticks were expressed.
A Triple Top bearish pattern was formed at 1.0700. We needed confirmation with a daily closure below 1.0570 or earlier confirmation with 4H breakdown. This pattern, if confirmed, would be targeting 1.0470 as a projection target as well as a prominent support level.
On the other hand, today the market is expressing daily consolidation above 1.0650 which is a signal for a bullish impulse towards 1.0770 initially.
Obvious daily fixation above 1.0720 will probably gather enough momentum to express a bullish swing to hit 1.0760-1.0800 initially.
The material has been provided by InstaForex Company – www.instaforex.com
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