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17.09.201408:21 Forex Analysis & Reviews: Intraday trading recommendations on USD/CAD for September 17, 2014

Long-term review

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The pair made a double top at 1.11 (rounded) in the weekly chart, the pair has support between 1.1030-1.1026, below these it has support at 1.1 and 1.0950 50.0 fib level. For the short term, it has support at the 1.0858 and 1.0832 levels. In the near term, the pair has support at 1.0944, so bulls need to worry only about closing below this. We recommend fresh buying above 1.11 for an upside target at the 1.1150,1.20 and 1.1225 levels. The pair has a long list of supports to save bulls.

Support 1.1026 1.0950 1.0834

Resistance 1.11 1.1150 1.1225

For an intraday basis, the pair is trading at 1.972 level at an Asian session. The pair has support at 1.0967 levels. The price closed far below 35DEMA and 12ema and represents some weakness on hourly basis. We recommend fresh selling only below 1.0965 for a downside target 1.0956, 1.0934, and 1.0920. Safe traders can sell below 1.0967. Until the pair trades below 1.1045, selling on the rise will mint the money.

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