empty
 
 
08.06.2015 02:54 AM
USD/CAD correction down

After forming a triple bottom near 1.1940 on May 14, USD/CAD rushed up pretty fast. Currently, the pair formed a double top at 1.2562, where the downtrend trendline has been rejected at the same time.

The overall uptrend seems exhausted and the corrective move down might follow. The Demarker oscillator, which formed a bearish divergence, confirms that. In addition, Fibonacci retracement applied to a low of 1.1918 and a high of 1.2562 shows that 23.6% support level (S1) has been taken out and now the pair should head further down towards the next support at 38.2% Fibonacci retracement – S2 (1.2316).

The price is likely to test the downtrend trendline once again before it will start dropping. Therefore, consider selling anywhere between the current level (1.2460) and the trendline (approximately 1.2500). The next strong support is seen at S2 (1.2316) that could be treated as the nearest downside target.

Support: 1.2410, 1.2316, 1.2241, 1.2164

Resistance: 1.2562, 1.2653

This image is no longer relevant

InstaForex Analyst,
Especialista em análise na InstaForex
© 2007-2025
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Ganhe com as variações das taxas das criptomoedas com a InstaForex.
Baixe o MetaTrader 4 e abra a sua primeira operação.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    PARTICIPE DO CONCURSO
  • Chancy Deposit
    Deposite US $ 3.000 em sua conta e receba $6000 mais!
    Em Dezembro nós sorteamos $6000 na campanha Chancy Deposit!
    Tenha a chance de ganhar, depositando $3,000 em sua conta de negociação. Após cumprir essa condição, você se torna um participante da campanha.
    PARTICIPE DO CONCURSO
  • Trade Wise, Win Device
    Abasteça a sua conta com pelo menos $500, inscreva-se no concurso e tenha a chance de ganhar dispositivos móveis.
    PARTICIPE DO CONCURSO
  • Bônus de 30%
    Receba um bônus de 30% toda vez que você fizer um depósito em sua conta
    RECEBA O BÔNUS

Recommended Stories

Não pode falar agora?
Faça sua pergunta no chat.
Widget callback