empty
 
 
20.05.2015 05:09 AM
Technical analysis of USD/CAD for May 20, 2015

We advised buying earlier. The pair moved 330 pips from lows. Bulls have been extending the winning streak for the fourth consecutive day. At yesterday's session, the pair managed to close above 100Dema. The trend-change level lies at 1.2350. In case of a daily close above 1.2350, bulls will aim at new highs. Last Friday, we covered a complete technical picture of this pair. The USD related pairs have been correcting for more than 2 months. On the downside, support is found at 1.2175 100Dema and 1.2090 200Dsma. In the daily chart, the pair has been forming the bottom around 1.1940, whereas the strong support is found at 1.1875. The intraday resistance is seen between 1.2250 and 1.2280. The strong resistance is seen at 1.2350. In the daily chart, we can observe positive divergence. The bottoming process is a very painful process after a sharp fall in the price. In case the FOMC's decision remains unchanged, the pair will correct with higher low formation. In the daily hourly chart, the double top was formed at 1.2250. We recommend fresh buying only above 1.2250 with targets at 1.2280, 1.2300, and 1.2350.

This image is no longer relevant

To contact the author of this analysis, please email- [email protected]

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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