empty
 
 
08.07.2011 03:28 PM
USD/CAD Technical Analysis & Bearish View - July 8, 2011

This image is no longer relevant

The USD/CAD currency pair is in a long-term down trend.

The period extending from May - End of June 2011 the pair passed in a period of retracement.

This retracement was in the form of bullish channels.

Recently the pair has broken both illustrated bullish channels Also breaking the last 6 weeks' lows.

This image is no longer relevant

The lower limit of the broken channel was a good SELL entry now the pair is facing support at 0.9580.

We can resume our short positions either from 0.9640 or after 4H closure below 0.9580.

TP should be 0.9580, 0.9520 then 0.9460.

SL should be placed above 0.9777.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback