empty
 
 
12.02.2015 05:07 PM
USD/CAD intraday technical levels and trading recommendations for February 12, 2015
This image is no longer relevant
This image is no longer relevant

Overview:

The USD/CAD pair established the 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 1.2770.

The USD/CAD bulls have been defending the recent INTRADAY SUPPORT around 1.2300 (broken 79.6% Fibonacci Level). Hence, a new bullish swing was established without further retesting of the DAILY SUPPORT zone depicted on the daily chart around 1.1950.

The market looked overbought since bulls have pushed further above the upper limit of both depicted bullish channels. Hence, the current bearish correction was anticipated in the previous articles.

The nearest SUPPORT level to meet the USD/CAD pair is located around 1.2300 (79.6% Fibonacci level). It has been defended by the bulls since a bullish breakout took place on January 21.

DAILY closure again below the price level of 1.2300 exposes the next DAILY SUPPORT around 1.2000 where the backside of the upper limit of the breached channel is located.

On the other hand, the bullish persistence above 1.2300 (79.6% Fibonacci level) enhances further bullish advancement towards 1.2760-1.2780 (low probability).

Trading recommendations:

Wait for DAILY closure below 1.2300 for SHORTING the USD/CAD pair. TP levels should be set at 1.2250 and 1.2170. Stop Loss should be set as DAILY closure again above the ENTRY levels (1.2300).

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