USD/CAD Technical Analysis and Trading Recommendations for April 26, 2012

	Symbol	Bid	Ask
	EURUSD	1.2864	1.2867
	GBPUSD	1.5158	1.5161
	USDJPY	102.73	102.76
	USDCHF	0.9693	0.9696
	USDCAD	1.0275	1.0278
	EURJPY	132.16	132.19
	EURCHF	1.247	1.2473
	GBPJPY	155.67	155.74
	GBPCHF	1.4692	1.4699
	GOLD	1381.7	1382.3
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	USD/CAD Technical Analysis and Trading Recommendations for April 26, 2012 ^2012-04-26

Pivot Point: 0.9845.

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Overview:

The market will continue showing strength by going to the level of 0.9700 (23.6% of Fibonacci retracement levels - Daily chart). Therefore, the USD/CAD resistance was broken and turned into support nine months ago (on the 4^th of August, 2011), the pair has already formed a strong support at the level of 0.97. So the market indicates a bullish opportunity at level 0.9700 with the first objective of 0.985 and continues towards 0.99 then 1.003. However, if the trend does not manage to break through and close above the level of 1.008, then it will be a downside momentum, that is rather convincing. The structure of the downfall looks as non-corrective, for that the market will indicate a bearish opportunity at 1.008, hence it will be a good sign to sell at this level in order to continue downward pace towards 0.9765.

Trading Recommendations:

According to previous events, the price remains between 1.0080 and 0.9800.

Buy above 0.97 with target at 0.99 then 1.003.
Below 1.0080 look for further downside pace with a target of 0.976.

Technical Levels:

R3: 0,9923
R2: 0,9901
R1: 0,9867
PP: 0,9845
S1: 0,9811
S2: 0,9789
S3: 0,9755

Observation (s):

Please check out the market volatility before investing, as the sight price may have already been reached and scenarios invalidated.

Key level at 0.97.

History will probably repeat itself at this level again.

Mourad El Keddani is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.