26.04.201210:13 Forex Analysis & Reviews: USD/CAD Technical Analysis and Trading Recommendations for April 26, 2012

Long-term review

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Technical summary:

With the break above the resistance line from 1.5821, now we have two strong signals that the correction in wave (ii) is over and wave (iii) higher towards 1.6456 is unfolding. All we need now is a break above minor resistance at 1.5209 to confirm it. We saw a firm bottom at 1.4945 and a new impulsive rally higher to 1.5821 on the way higher towards 1.6456 is developing. In the short term, only a break below 1.5023 will be a cause for concern.

Trading recommendations:

We are long EUR from 1.5025 and will raise our stop to 1.5020. If you are long long EUR yet, the buy a break above 1.5209 with the same stop at 1.5020.

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