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14.05.2014 01:27 PM
Technical analysis of USD/CAD for May 14, 2014
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Overview:

  • The USD/CAD pair will continue the downtrend from the level of 1.0980 and this level is coinciding with the ratio of 38.2% Fibonacci retracement levels in H4 chart. Moreover, it should be noted that the resistance has really set at the 1.0980 level. Therefore, it will be a good sign to sell below the level of 38.2% Fibonacci retracement levels (1.0990) with the first target of 1.0870 and further to 1.0813 in order to form a double bottom. Also, the area of 1.0813 is going to act as strong resistance for that it is going to be a good place to take profit. However, in case a reversal takes place and the USD/CAD pair breaks through the resistance level of 1.0990, then the market will lead to further increase to 1.1100 in order to indicate the bullish market.
Summary
Urgency
Analytic
Mourad El Keddani
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