empty
 
 
12.12.2013 04:43 PM
USDCAD: Downside (Dec 11, 2013)

 

This image is no longer relevant

Overview:: 
USD/CAD is trading in a lower range. It is undermined by loonie demand in soft AUD/CAD, NZD/CAD and GBP/CAD crosses. But USD/CAD losses are tempered by loonie sales in weak CAD/JPY cross amid increased investor risk aversion; soft oil prices (Nymex crude settled $1.07 lower Wednesday at $97.44/bbl); Bank of Canada's dovish outlook on inflation. 

Technical comment:
Daily chart is negative-biased as stochastics is falling from overbought zone; MACD staged bearish crossover against its exponential moving average.

 Trading recommendation: 

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 1.0555 in view; a breach of this target will move the pair further downwards to 1.053. The pivot point stands at 1.063. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favorably expected to move further to the upside. In that scenario a long position is recommended with the first target at 1.062 and the second target at 1.0645.   

Resistance levels:  
1.062
1.0645
1.0575
Support levels:  
1.0555
1.053
1.0505 

Summary
Urgency
Analytic
InstaForex Analyst
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 $6000 more!
    In December we raffle $6000 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