USD/CAD intraday technical levels and trading recommendations for January 8, 2014
January 8, 2014 12:15 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, which prevented further bullish advancement recording a temporary high at 1.0735 when bearish engulfing daily candlesticks were expressed.
The intraday view remained negative until the USD/CAD pair breached 1.0660 then 1.0700 Yesterday with a daily closure at 1.0765.
The Triple-Top bearish pattern formed at 1.0700 was invalidated failing to reach level of 1.0470 as a projection target as well as a prominent support level.
On the other hand, as mentioned yesterday, consolidation above 1.0700 gathered strong bullish momentum towards 1.0825 (upper limit of the depicted bullish channel)
Price Zone of 1.0825-1.0850 will probably be a valid entry for a corrective movement to target 1.0700 then 1.0660. Otherwise, consolidation above it will probably invalidate this bearish scenario.
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, which prevented further bullish advancement recording a temporary high at 1.0735 when bearish engulfing daily candlesticks were expressed.
The intraday view remained negative until the USD/CAD pair breached 1.0660 then 1.0700 Yesterday with a daily closure at 1.0765.
The Triple-Top bearish pattern formed at 1.0700 was invalidated failing to reach level of 1.0470 as a projection target as well as a prominent support level.
On the other hand, as mentioned yesterday, consolidation above 1.0700 gathered strong bullish momentum towards 1.0825 (upper limit of the depicted bullish channel)
Price Zone of 1.0825-1.0850 will probably be a valid entry for a corrective movement to target 1.0700 then 1.0660. Otherwise, consolidation above it will probably invalidate this bearish scenario.
The material has been provided by InstaForex Company – www.instaforex.com
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