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.
Viewpoint:
- The The USD/CAD pair is likely to find support at the level of 1.2946, and the double bottom is expected at 1.2931. The USD/CAD pair has called for the bullish market from the level of 1.2931/1.2946, because the area of 1.2931/1.2946 represents strong support. Buy above support at 1.2931/1.2946 with the first target at 1.3018 in order to test the weekly pivot point. Moreover, if the pair is able to break the level of 1.3018, it will continue moving towards 1.3068, which coincides with the ratio of 61.8% Fibonacci retracement levels. However, the stop loss has always been in consideration thus it will be useful to set it below the last double bottom at the level of 1.2915 (notice that the major support set at 1.2946).
Intraday technical levels:
Date:21/10/2015
Pair: USD/CAD
- R3: 1.3150
- R2: 1.3098
- R1: 1.3038
- PP: 1.2986 ( weekly pivot: 1.3018)
- S1: 1.2926
- S2: 1.2874
- S3: 1.2814
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.