empty
 
 
15.08.2012 03:03 PM
USD/CAD Intraday Technical Analysis and Trading Recommendations for August 15, 2012

This image is no longer relevant

The USD/CAD pair movement was sluggish bearish during the previous days of consolidation which is manifested within the transverse direction of the Yellow & Blue channels depicted on the chart. In fact, still there was no significant price action until Friday when the USD/CAD pair has broken its Resistance level around 0.9920 which was followed by another sluggish movement during this week.
Price zone of 0.9920 which corresponds to the midline of the Yellow channel is regarded as an intraday Support level for the pair. If it is retested successfully, this will probably allow the USD/CAD pair to make a bullish movement towards 0.9995 initially.
The USD/CAD pair has a significant intraday Resistance level around 0.9940 corresponding to the upper limit of the Blue channel which needs to be broken in order to resume the bullish movement aiming at higher targets.
Bearish breakdown of 0.9880 currently invalidates the bullish scenario.

Summary
Urgency
Analytic
Mohamed Samy
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 $10000 more!
    In January we raffle $10000 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