empty
 
 
11.12.2014 06:55 AM
Technical Analysis of USD/CAD for December 11, 2014

IMPACT ON THE USD-

Today, the focus has shifted to retail sales, core retail sales, and unemployment data. China's economy slowdown supported demand for the Yen and pushed the US dollar lower against most of the currencies.

IMPACT ON THE CAD-

Today, the focus has shifted to the speech of BOC Governor Poloz.

At yesterday's session, the pair made a double top at 1.1502 and closed at 1.1482. Today, the pair opened on a bearish note, opened higher at 1.1481. Until the prices trades and close below 1.1502, we can witness weakness. In case if the prices close above 1.1502 on a daily basis, it can challenge 1.1540, 1.1565, and 1.1575 in the near term. For an intraday session, we recommend buying only above 1.1485 (today's high) until the current market price 1.1482 remain on the selling side. The intraday support exists at 1.1430. In case, an hourly candle closes below 1.1455, it can extend its fall up to 1.1430 and 1.1400. Today's major US data will determine the trend.

Trade:

Buy above 1.1485.

This image is no longer relevant

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2024
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