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09.09.2015 01:20 PM
Technical analysis of USD/CAD for September 9, 2015
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Trading recommendations:

  • The resistance for the USD/CAD pair is seen at 1.3225 and a minor resistance has been placed at the level of 1.3262 (61.8% Fibonacci retracement levels). Furthermore, it will be quite profitable to sell below 1.3262 for retesting the next objectives in order to call for a bearish market from the last wave of 1.3260. Therefore, sell deals are recommended below 1.3262 with targets at 1.3206. The bias will resume towards the level of 1.3172 to reach a strong support on 9th of September 2015. On the contrary, the key level is seen at 1.3262 today. Consequently, the ascending movement will probably be higher than 1.3262 with a target at 1.3301.

Observations:

  • The USD/CAD pair found support at 1.3172. Moreover, the weekly support 1 is seen at the same level, but the double bottom was already formed at 1.3162.
  • Major resistance is seen at 1.3301.
  • We expect a new range about 238 pips this week.
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