11.02.201510:42 Forex Analysis & Reviews: Technical analysis of USD/CAD for Febuary 11, 2015

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.

General overview for 11/02/2014 09:30 CET

The triangle pattern has been invalidated as the market violated the upper triangle line and went straight up to hit 61% Fibonacci of the last swing retrenchment. Currently this supply zone between the levels of 1.2626 - 1.2642 is the key area for bears, as any breakout higher is very bullish. On the other hand, please notice that the overall corrective cycle is getting rather complex now and choppy trading conditions should be expected.

Support/Resistance:

1.2797 - Swing High

1.2732 - WR1

1.2642 - Intraday Resistance

1.2626 - 1.2642 - Supply Zone

1.2567 - Intraday Support

1.2543 - Weekly Pivot

1.2350 - Technical Support|Key Level|

1.2314 - WS1

1.2122 - WS2

Trading recommendations:

Daytraders should consider opening sell orders from the current price levels with SL above the level of 1.2642. Any breakout above this level is bullish and the nearest target would be at the level of 1.2732.

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.