12.02.201403:04 Forex Analysis & Reviews: Technical analysis of USD/CAD for February 12, 2014

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.

Yellen put forward that the Fed will continue tapering its bond buying program, if the economy moves in the same phase. USD traded mixed against its major peers. The USDCAD pair slumped yesterday from the high of 1.1090 to the low of 1.1003. The pair closed below the 23.6 Fibonacci level and its upper trend line, which raises the bearish view. In the daily chart, the RSI broke down its upward trend, which has been forming from September 2013. Today, in Asia's trading session the pair opened on a bullish note as of now. In the hourly chart, the RSI indicates a buy signal, pullback is expected. The latest weekly CFTC report says the USDCAD pair 12,852 long vs 88,495 short. The ratio stood at 1/7.

Support: 1.1000, 1.0968

Resistance: 1.1029, 1.1035

Intraday recommendation: go long with sl 1.1000, target 1.1026

Sell below 1.1000 on positional basis

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.