empty
 
 
07.10.2015 01:26 PM
Technical analysis of USD/CAD for October 7, 2015

This image is no longer relevant

Overview:

  • As expected, the USD/CAD pair rebounded at the level of 1.3145 and showed signs of strength following the level of 1.3145. Additionally, the support has been broken and turned into resistance at the same key level (1.3145). Equally important, the price has been set below the resistances of 1.3145 and 1.3073 since yesterday. Consequently, the pair has already formed strong resistances at the levels of 1.3145 and 1.3073. Furthermore, the price has been still trading between 1.3073 and 1.2950. Therefore, the USD/CAD pair started showing the signs of a bearish market, so the market indicates the bearish opportunity at the level of 1.3073 with the first target of 1.3000 and continues moving towards the level of 1.2951 in order to form a double bottom again. On the other hand, a stop loss should be always taken into account so it will be sensible to set your stop loss at the 1.3166 price.
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