empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

10.09.201811:04 Forex Analysis & Reviews: Technical analysis of USD/CAD for September 10, 2018

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.

Exchange Rates 10.09.2018 analysis

Overview:

The USD/CAD pair is moving above strong support at the level of 1.3135, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected for four times confirming uptrend veracity. Hence, major support is seen at the level of 1.3135 because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend from the area of 1.3135 and 1.3187. The USD/CAD pair is trading in a bullish trend from the last support line of 1.3135 towards the first resistance level at 1.3203 in order to test it. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 1.3242 and further to the level of 1.3289. The level of 1.3289 will act as the second resistance and the double top is already set at the point of 1.3289. At the same time, if a breakout happens at the support levels of 1.3135 and 1.3088, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.

Mourad El Keddani
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off