empty
 
 
01.04.2014 06:43 PM
USD/CAD intraday technical levels and trading recommendations for April 1, 2014

This image is no longer relevant

Previous congestion zone of 1.0900 - 1.0950 provided considerable support at retesting on February 19. This led again towards 1.1190 where the USD/CAD pair established a consolidation zone between 1.0960 and 1.1190.

The depicted chart shows that the USD/CAD pair didn't apply enough bullish momentum above 1.1200. As expected, this exposed price zone of 1.1000-1.1020 as a sign of bearish domination.

In case the current support doesn't hold price above, the next support zone to meet the pair is located at 1.0920-1.0840 which comes to meet significant Fibonacci Levels of the recent bullish swing.

It's expected to provide considerable bullish pressure.

On the other hand, the price zone of 1.1130-1.1150 is expected to provide considerable resistance as well. This price zone corresponds to previous tops established in March 12, February 21,and January 30. Any further visiting will probably offer a valid SELL entry with Stop Loss located just above 1.1185.

The pair remains trapped between the price levels of 1.1000 and 1.1150 within the depicted triangle until breakout takes place in either direction.

Bearish breakout is more likely to occur.

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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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