USDCAD remains in downtrend from 0.9884, rise from 0.9734 is treated as correction of downtrend below 0.9734 and disruption could mean the return downtrend signal.
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USDCAD remains in downtrend from 0.9884, rise from 0.9734 is treated as correction of downtrend below 0.9734 and disruption could mean the return downtrend signal.
usd/cad technical analysis by using : average directional movement index
+di : 14.6407
-di : 16.4259
adx :25.2299
timeframe : 1 hour
time : 1700
date : 16.10.2012
The trading range for today is among the key support at 0.9660 and the key resistance at 0.9935.
The short term trend is to the downside steady daily closing below the levels of 1.0125, with targets at 0.9400
USDCAD is moving around the 0.9862 resistance level now. If USDCAD can break this resistance and also break the yesterday's high, I think USDCAD will go up to the next resistance level at 0.9927. But if fail to break those levels, this pair may makes a reversal movement and fall to the support level at 0.9804.
Spoiler:
Usd/cad technical analysis for 17.10.2012 by using : Auto pivot indicator.
resistance 3:0.9980
resistance 2:0.9930
resistance 1:0.9898
pivot point :0.9848
support 1:0.9816
support 2:0.9766
support 3:0.9734
USDCAD=X stock chart on Yahoo! Finance. Change the date range, chart type and compare USD/CAD against other companies
The pair traded positive yesterday forced them to re-test the 0.9885 level again, while the stochastic bullish intention during this rise, which encourages us to continue in our expectations for the bearish trend, which depends mainly on the stability below 0.9885
USDCAD is facing 0.9884 resistance, a break above this level will signal resumption of the uptrend from 0.9632,
then further rise to 1.0000 area could be seen.
Support is at 0.9820, below this level could trigger another fall towards 0.9632 previous low.
http://i49.tinypic.com/1f7axz.gif
The short term trend of the pair is to the downside. Intraday trading range of the pair is expected among key support at 0.9725 and key resistance at 0.9975. Based upon my chart analysis, I prefer to buying the pair above 0.9850 with targets 0.9925 then 0.9975 and stoploss with four hour candle closing below 0.9800.
USDCAD is moving around the 0.9862 resistance level now. If USDCAD can break this resistance and also break the yesterday's high, I think USDCAD will go up to the next resistance level at 0.9927. But if fail to break those levels, this pair may makes a reversal movement and fall to the support level at 0.9804