empty
 
 
09.05.2012 03:29 PM
USD/CAD Intraday Technical Analysis and Trading Recommendations for May 9, 2012

This image is no longer relevant

 

Yesterday after the USD/CAD pair has shown quite strong bullish reaction towards 0.9925, the price level 0.9940 was considered as a valid BUY entry which wasn't reached before the pair had made another bullish swing towards its targets at 0.9970, 0.9990 and 1.0020.
Based on the depicted hourly chart, the USD/CAD intraday bullish outlook is expected to have come to an end at price level 1.0050 which corresponds to the upper limit of the Yellow channel and the Average Daily Range for the pair roughly.
The USD/CAD pair has an Intraday Support level at 1.0005 corresponding to the intermediate line of the Yellow channel which needs to be broken in order to make bearish movement towards 0.9960 ( the lower limit of the Yellow channel).

 

Based on the previous analysis:

The upper limit of the Yellow channel constitutes a low-risk SELL entry at Price Level 1.0050.

TP levels are to be located at 1.0010, 0.9980 and 0.9960. However SL should be located above 1.0090.


If you like my articles, please vote for me in Analyst of the Year Contest by clicking here.

Summary
Urgency
Analytic
Mohamed Samy
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • 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 $8000 more!
    In March we raffle $8000 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