empty
 
 
07.05.2012 01:44 PM
USD/CAD Intraday Technical Analysis and Trading Recommendations for May 7, 2012

This image is no longer relevant

Considering 1H chart of the USD/CAD pair we can find the following:

Price zone 0.9965-0.9955 provided significant support for the USD/CAD pair pushing the pair to the upside towards 0.9985.

The previously mentioned double bottom reversal pattern at 0.9835 was able to achieve its target levels at 0.9925 and 0.9960.

The expected scenario for the USD/CAD pair is still bullish. However, the bearish retracement  is expected before further bullish movement takes place.

Breakdown of the lower limit of the violet channel at 0.9960 confirms the bearish retracement towards 0.9925 and possibly 0.9885.

Price Level 0.9925 corresponds to the intermediate line of the Yellow channel & the lower limit of the Blue channel is expected to provide support for the the USD/CAD pair.

Another Intraday support level is located at 0.9885 corresponding to the lower limit of the Yellow channel.

Breakdown of Price Level 0.9855 invalidates the bullish scenario.

 

If you like my articles, please vote for me in the Analyst of the Year Contest by clicking here .

Summary
Urgency
Analytic
Mohamed Samy
Start trade
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 $8000 more!
    In March we raffle $8000 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
  • 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