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23.07.2014 02:40 PM
Technical analysis of USD/CAD for July 23, 2014

Overview:

  • The price of USD/CAD pair is continuing to show signs of strength following the break at the price of 1.0620. The level of 1.0620 is representing a strong support this month as well as the double bottom in H4. Therefore, the USD/CAD pair resistance has broken and it has turned to support for a month. Moreover, the pair has already formed the strong support at the level of 1.0620. So, the market indicates a bullish opportunity at the level of 1.0620 with the target of 1.0788. It should be noted that the ratio of 50% Fibonacci retracement levels coincides with the price of 1.0788. Another thought, if the trend breaks this level and closes below the key level (1.0788), then it will be a rather convincing downside momentum. The structure of the fall does not look corrective, for that the market will indicate a bearish opportunity at the price of 1.0788. Accordingly, it will be a good sign to sell at this level. It should be noticed that the support has already been placed at the 1.0620 level.
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Intraday technical levels:

Date:23/07/2014

Pair:USD/CAD

  • R3: 1.0782
  • R2: 1.0771
  • R1: 1.0753
  • PP: 1.0742
  • S1: 1.0724
  • S2: 1.0713
  • S3: 1.0695
Mourad El Keddani,
Especialista em análise na InstaForex
© 2007-2025
Summary
Urgency
Analytic
Mourad El Keddani
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