You are here: Home > articles > Forex > USD/CAD intraday technical levels and trading recommendations for October 28, 2013
USD/CAD intraday technical levels and trading recommendations for October 28, 2013
October 28, 2013 4:15 pmVideo
Latest News
- Forecast for EUR/USD on May 9, 2024 May 9, 2024
- Forecast for GBP/USD on May 2024 May 9, 2024
- Forecast for USD/JPY on May 9, 2024 May 9, 2024
- Outlook for GBP/USD on May 9. The pound flat ahead of the Bank of England meeting May 9, 2024
- Outlook for EUR/USD on May 9. Third consecutive boring day for the euro May 9, 2024
- What to expect from the Bank of England meeting? May 9, 2024
- The euro hits certain points May 9, 2024
- Analysis of EUR/USD on May 8th. Euro aims for the 1.5 figure May 8, 2024
- Analysis of GBP/USD on May 8th. The pound hits an important level May 8, 2024
- USD/JPY: Simple Trading tips for novice traders on May 8th (US session) May 8, 2024
- GBP/USD: Simple trading tips for novice traders on May 8th (US session) May 8, 2024
- EUR/USD: Simple trading tips for novice traders on May 8th (US session) May 8, 2024
- Trading Signals for CRUDE OIL (WIT) for May 8-15, 2024: buy above $78.12 (21 SMA – 2/8 Murray) May 8, 2024
- GBP/USD: trading plan for the US session on May 8th (analysis of morning deals). The pound was bought in the area of 1.2471 May 8, 2024
- EUR/USD: trading plan for the US session on May 8th (analysis of morning deals). No statistics, no movement May 8, 2024
- EUR/USD. May 8th. The market continues to rest against the background of an empty calendar May 8, 2024
- Technical Analysis – USDCAD enjoys renewed strength May 8, 2024
- Technical Analysis – US 500 index advances towards all-time high May 8, 2024
- GBP/USD. May 8th. The pound does not expect a rate cut by the Bank of England May 8, 2024
- Video market update for May 08, 2024 May 8, 2024
Four 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 previous weeks’ movement as the re-closure 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 narrow range between 1.0260-1.0340, until we had a bullish breakout at the daily closure of October 8.
As Expected, bullish momentum was expressed at retesting of the lower limit of the ongoing channel around 1.0280 pushing higher towards 1.0460 then probably 1.0500.
The price level around 1.0465 remains the nearest considerable resistance for the pair. A valid sell entry is recommended at retesting with SL located above 1.0530.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: