USD/CAD intraday technical levels and trading recommendations for October 11, 2013
October 11, 2013 2:15 pm
Three months ago, a prominent bottom was established around 1.0260. This happened after the pair found strong bearish pressure around 1.0555-1.0600, this was followed by intensive bearish momentum that led to 1.0254.
An important key level was located around 1.0505. This was the key level for the last week’s movement as the reclosure below it enabled the pair to break down 1.0455 as well, where the lower limit of the depicted consolidation range was located.
The nearest support zone is located around 1.0250. On September 19, the pair expressed a false breakdown reaching 1.0180, where obvious bullish rejection was expressed to get the pair back above 1.0250 again on Thursday, resulting in a bullish hammer Weekly candlestick. Since then, the pair has been consolidating within 70 pips range between 1.0260-1.0340, untill we had a bullish breakout at the daily closure Tuesday.
The current levels will probably continue to push the pair higher towards 1.0450 if the price zone of 1.0265-1.0250 remains defended by the bulls.
In the absence of important economic data ( and no NFPs ) from the United States last week, the market may focus on Canada’s employment report released today.
The price level around 1.0465 remains the nearest considerable resistance for the pair, a valid SELL entry is recommended after retesting with SL located above 1.0500.
The material has been provided by InstaForex Company – www.instaforex.com
Three months ago, a prominent bottom was established around 1.0260. This happened after the pair found strong bearish pressure around 1.0555-1.0600, this was followed by intensive bearish momentum that led to 1.0254.
An important key level was located around 1.0505. This was the key level for the last week’s movement as the reclosure below it enabled the pair to break down 1.0455 as well, where the lower limit of the depicted consolidation range was located.
The nearest support zone is located around 1.0250. On September 19, the pair expressed a false breakdown reaching 1.0180, where obvious bullish rejection was expressed to get the pair back above 1.0250 again on Thursday, resulting in a bullish hammer Weekly candlestick. Since then, the pair has been consolidating within 70 pips range between 1.0260-1.0340, untill we had a bullish breakout at the daily closure Tuesday.
The current levels will probably continue to push the pair higher towards 1.0450 if the price zone of 1.0265-1.0250 remains defended by the bulls.
In the absence of important economic data ( and no NFPs ) from the United States last week, the market may focus on Canada’s employment report released today.
The price level around 1.0465 remains the nearest considerable resistance for the pair, a valid SELL entry is recommended after retesting with SL located above 1.0500.
The material has been provided by InstaForex Company – www.instaforex.com
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