empty
 
 
11.02.2014 05:55 PM
USD/CAD intraday technical levels and trading recommendations for February 11, 2014

This image is no longer relevant

The bulls managed to hit fresh highs (around 1.1220) that haven't been visited since 2009.

Recently, the USD is failing to keep its gains against CAD, and the USD/CAD pair was pushed to the downside indicating weakness of the ongoing bullish momentum.

This is manifested in the previous weekly candlestick that came as bearish engulfing one.

The nearest resistance zone is located around 1.1230-1.1250 corresponding to the 50% Fibonacci level of the bearish swing that extended between March 2009 and July 2011.

This image is no longer relevant

The daily chart reveals an atypical Head and Shoulders reversal pattern. If this pattern is confirmed, the USD/CAD pair will have a projection target located at 1.0880.

The pair has a significant support zone between 1.0700 and 1.0730 representing the upper limit of a previous consolidation range that got broken last month.

Minor support zone is located between 1.0950-1.0860 corresponding to the previous congestion zone established in mid-January.

Intraday bullish rejection may be expressed there as manifested on Friday's daily candlestick. However, the pair will probably retest this price zone again most likely within the current week.

The next destination for the USD/CAD pair will probably be the price zone of 1.0700-1.0730. Retesting of this zone would probably provide a valid BUY entry for the mid-term.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $1000 más!
    ¡En Junio, sorteamos $1000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback