empty
 
 
09.08.2012 03:21 PM
USD/CAD Intraday Technical Analysis and Trading Recommendations for August 9, 2012

This image is no longer relevant

 


The USD/CAD pair movement was almost sideways during the previous days of consolidation which is manifested within a slightly bearish direction of the Yellow channel depicted on the chart. In fact, still there's no significant price action until today. However, the USD/CAD pair is approaching the upper limit of the Yellow & Blue channels around 0.9955.
The lower limit of the Violet & Yellow channels around price level of 0.9915 are considered as an intraday Support for the GBP/USD pair and should be carefully watched while being tested for bullish price action in order to catch a BUY opportunity with TP levels located at 0.9950, 1.0030 then 1.0080.
Price level of 0.9955 corresponding to the upper limit of the Yellow channel is regarded as an intraday Resistance level for the pair. If it is broken, that will probably allow the USD/CAD pair to make a bullish movement towards 0.9995 initially.
Bearish breakdown of 0.9900 invalidates the bullish scenario for the current time opening the way towards bearish targets at 0.9940 then 0.9915.

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 $10000 more!
    In January we raffle $10000 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