empty
 
 
30.01.2015 05:19 PM
USD/CAD intraday technical levels and trading recommendations for January 30, 2015

This image is no longer relevant
This image is no longer relevant

Overview:

The USD/CAD pair established previous consolidation zone between the price levels of 1.1560 and 1.1670. This price zone roughly corresponds to 61.8% prominent WEEKLY Fibonacci level. Bullish breakout above it allowed bulls to reach new highs around 1.2560.

The market looks quite overbought since bulls have pushed further above the upper limit of both depicted bullish channels. Hence, a coming bearish correction should be anticipated.

Wednesday's bullish engulfing daily candlestick invalidated the preceding Hanging-Man candlestick.

Moreover, the USD/CAD bulls defended the recent INTRADAY SUPPORT around 1.2300. Hence, a new bullish swing is being established without further retesting of 1.1950.

The nearest resistance levels to meet the USD/CAD pair are located around 1.2820, then 1.2930 where previous WEEKLY highs were established back in 2009.

Trading recommendations:

It's recommended to stay out of the market until the next destination of the USD/CAD pair becomes obvious, but, anyway, try to look for signs of bearish reversal around such historically high prices (1.2850-1.2900).

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 $1000 more!
    In April we raffle $1000 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