30.11.201216:12 Forex Analysis & Reviews: USD/CAD Intraday Technical Analysis and Trading Recommendations for November 30, 2012

Long-term review

Tieto informácie poskytujeme retailovým a profesionálnym klientom ako súčasť marketingovej komunikácie. Neobsahujú investičné poradenstvo, investičné odporúčania, ponuku ani výzvu na vykonanie transakcie alebo použitie stratégie na finančných nástrojoch a ani by sa tak nemalo s nimi zaobchádzať. Minulá výkonnosť nie je zárukou ani predikciou budúceho výkonu. Spoločnosť Instant Trading EU Ltd. neručí a nepreberá žiadnu zodpovednosť za správnosť a úplnosť poskytovaných informácií ani za stratu, ktorá by vyplynula z akejkoľvek investície založenej na analýze, predpovedi alebo iných informáciách poskytnutých zamestnancom spoločnosti alebo iným spôsobom. Celé vylúčenie zodpovednosti nájdete tu.

Last week, in the previous articles, we suggested that the potential downside movement remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.
Price zone 0.9900 - 0.9860 (Important Fibonacci Levels) provided strong support expressing strong bullish price action, which is manifest in the giant bullish engulfing daily candlestick.
The USD/CAD pair expressed strong bearish reaction towards 1.0020-1.0050, failing to consolidate above 1.0040 (the high of Thursday's DAILY candlestick). This indicated a strong bearish move towards 0.9995; then 0.9945 took place which actually occurred when Intraday Support around 0.9980 was broken down.
The Daily chart showed a narrow consolidation range 0.9950 -0.9980, in which the USD/CAD pair was trapped. Breakdown of 0.9950 opens the way directly towards 0.9900 - 0.9860 (50% Fibonacci Level) where price action should be watched for further decisions.
On Tuesday the USD/CAD pair stepped just below the depicted lower limit of its bullish channel failing to consolidate below expressing a quite significant bullish price action. Also there is a possible bullish Head and Shoulders reversal pattern which gives a valid BUY entry around 0.9915 - 0.9900.

Support: 0.9915, 0.9875, and 0.9815.
Resistance: 0.9980, 1.0010, 1.0040, and 1.0080.

Recommendation

Price zone 1.0025 - 1.0040 provided an excellent long-term SELL entry with SL located above 1.0060, profits should have been taken by now.
Price Zone 0.9915 - 0.9860 will probably provide a valid BUY entry with SL located just below 0.9840.

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.