The resistance for USD/CAD is set at the level of 1.0490; thus, the bears are going to sell below 1.0495, because there is a new top at the price of 1.0486 (between 61.8% Fibonacci retracement levels and 78.6%).
So it should also be noted that the resistance is set at the level of 1.0460; therefore swing trade at the area of 1.0495 in order to sell with the target of 1.0440 is preferable; it might resume to 1.0383.
Additionally, the trend will call for a bearish market at the level of 1.0367 in case of breaking this level because there is a bearish channel.
It might be informing that the stop loss should never exceed your maximum exposure amounts. Hence, set stop loss above 1.0510 at the level of 1.0520.
However, the bulls are going to buy above 1.0375 in the short term on November 5, 2013 (50% Fibonacci retracement levels) with the first target of 1.0421; it might resume to 1.0480.
It should be noted that the volatility is 221.29, then the market indicates the higher volatility. In the short term, if the market calls for bearish sentiment, then the price will form a double bottom at the level of 1.0333 (in H4 time frame).
Intraday technical levels:
Date and Time: 5/11/2013 13:07
Pair: USD/CAD
Projected High: 1.0575
Breakout (Buy Stop): 1.0520
Strong Resistance (Sell Limit): 1.0490
Current Pivot: 1.0436
Strong Support (Buy Limit): 1.0382
Breakout (Sell Stop): 1.0357
Projected Low: 1.0307
The material has been provided by InstaForex Company – www.instaforex.com
The material has been provided by InstaForex Company – www.instaforex.com
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