empty
 
 
08.10.2015 03:11 PM
USD/CAD intraday technical levels and trading recommendations for October 8, 2015

This image is no longer relevant

This image is no longer relevant

Overview:

A bullish breakout above the zone of 1.2770-1.2800 was executed on July 15.

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls overcame this level three weeks ago.

However, a bearish corrective movement towards the level of 1.2750 (breakout level) was expected since USD/CAD bears managed to defend the resistance zone of 1.3400-1.3450 (Fibonacci Expansion 141% level) and 1.3280 (Fibonacci Expansion 100%).

Moreover, bearish persistence below 1.3270 (Fibonacci Expansion 100%) and 1.3075 (significant Support) is needed to maintain enough bearish pressure to expose the next support level around 1.2910, and 1.2750 where long-term buy entries should be considered.

Trading recommendations:

A good sell entry was suggested around the levels of 1.3400-1.3450 (Fibonacci Expansion 141% levels). T/P levels were achieved at 1.3300,1.3220, and 1.3050.

On the other hand, conservative traders should wait for more bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level acts as a strong support level.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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 $9000 más!
    ¡En Mayo, sorteamos $9000 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