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27.02.2014 11:01 AM
USD/CAD intraday technical levels and trading recommendations for February 27, 2014

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Fresh highs (around 1.1220) have been recently touched after a long-time absence.

Shortly after, USD failed to keep its gains against CAD, and the USD/CAD pair was pushed to the downside indicating weakness of the ongoing bullish momentum.

On the other hand, the nearest resistance zone is located around 1.1230-1.1250 corresponding to the 50% Fibonacci level of the bearish swing that extended between March 2009 and July 2011.

Last week, a bullish engulfing daily candlestick was expressed at retesting of 1.0900 after a few weeks of bearish movement between off 1.1210 down to 1.0900.

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It's important to note that the pair has an established consolidation zone between 1.0850 and 1.0960.

This renders the zone as a support area that provided considerable support at retesting on February 19.

The bullish rejection expressed at 1.0960 is probably pushing towards 1.1235 corresponding to 50% Fibonacci.

Daily fixation above 1.1235 opens the way directly towards the next resistance level around 1.1650 corresponding to 61.8% Fibonacci.

Summary
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Mohamed Samy
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