Thread: Usd/Cad
Intraday bias in USD/CAD remains neural as consolidation from 1.0019 short term top continues. Deeper retreat might be seen but downside contained by 0.9888 minor support and bring another rise. Break of 1.0019 will extend the rally from 0.9633 to 61.8% retracement of 1.0455 to 0.9633 at 1.0141 next. Though, sustained break of 0.9888 will argue that rebound from 0.9633 has completed and will turn focus back to 0.9762 support instead.
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While talking about the south early, pay attention to cost a couple of support was not allowed below 9940 (it was just a false breakdown, and the bulls were able to return a pair of north again), and then went on the growth rate, the trend continues to the north and to follow him, waiting for a breakthrough 200 moving to purchase.
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Guys,i think so the current trend down movements 0.9700 agar isne price break kiya 0.9770 toh definatly mere hisab se yeh upward movemnet mai jayega aroung 0.9820.Price will go upto 0.9715 and then bounce back is possible as trend line is there, in H4 it formed head ans shoulder pattern thats why it faling 0.9855 level, Now after hitting the mentioned target raises is expecting.
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Considerably closer to the pair of inclined upper level bearish channel, near noticeable consolidation above also contains 200 moving-which is also a strong resistance, I think that will retreat to the south.
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usd/cad continued bearish tendency to control , which is ****ually approaching key support 0.9885, which are waiting to test the price its strength.
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Usd/cad technical analysis for 05.11.2012 by using : Auto pivot indicator.
resistance 3:1.0058
resistance 2:1.0022
resistance 1:0.9992
pivot point :0.9956
support 1:0.9926
support 2:0.9890
support 3:0.9860
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USDCAD had formed a cycle top at 1.0019 on 4-hour chart. Further decline would likely be seen and next target would be at 0.9850 area.
However, the fall from 1.0019 would possibly be consolidation of the longer term uptrend from 0.9632 (Sep 14 low),
another rise towards 1.0100 is still possible after consolidation.
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Expected trading range for this week between: support 0.9700 and resistance 1.0100
General tendency is expected for this week: Down
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USD/CAd still down but weak and tring to retrace up now. This pair movement is following downward trend in short and medium term, price may down again if there is not positif sentiment today. Price can touch 0.9925 if it movement still down.
Spoiler:
At the H4 chart, the price is below 12 EMA (red) and 72 EMA (blue) indicates the trend is still down
21 RSI is below 50 indicates the trend is still down
Recommendation: SELL
Target: 0.9850
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