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14.05.2012 04:06 PM
USD/CAD Intraday Technical Analysis and Trading Recommendations for May 14, 2012

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After testing Price Level 0.9955, the USD/CAD currency pair initiated a bullish swing towards 1.0010 where a significant support level was established before another bullish movement towards 1.0050 took place.

Looking at the Linear Regression Channels depicted above, we can see this support level at 0.9990-1.0010 corresponds to the mid-line of both the Blue & Yellow channels.

Today, we witnessed a bullish breakout above the upper limit of the bearish Violet channel. Hence, retesting the backside of its upper limit at 1.0010 will probably be a valid BUY entry.

USD/CAD shouldn't break through 0.9990 in order to resume its bullish movement directly.

TP levels should be located at 1.0045, 1.0080 and 1.0110 while SL should be located below 0.9950.

 

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Mohamed Samy,
Analytical expert of InstaForex
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