08.10.201213:00 Forex Analysis & Reviews: USD/CAD Intraday Technical Analysis and Trading Recommendations for October 8, 2012

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

After the USD/CAD pair broke below 0.9845, the market went to the downside reaching the price level of 0.9635 and tested the lower limit of the depicted bearish long-term channel which expressed a considerable bullish strength at the moment.
The USD/CAD pair reacted bearishly towards the upper limit of the depicted channel pushing the pair to the downside and testing the intraday support zone 0.9720-0.9700 (neckline of a bullish H&S reversal pattern).
It's important to notice that the USD/CAD broke below the established ascending bottoms around 0.9797 and 0.9780 which opens the way for the pair to retest the broken bearish channel around 0.9725 where price action should be watched.

Price Zone 0.9810-0.9835 is an intraday resistance zone, break above which is necessary to resume the targets for the bullish 4H Head & Shoulders pattern around 0.9900.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.