empty
 
 
08.12.2015 03:57 PM
USD/CAD intraday technical levels and trading recommendations for December 8, 2015

This image is no longer relevant
This image is no longer relevant

Overview:

A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart). The long-term bullish target was projected towards the level of 1.3270.

Significant bearish rejection has been observed around 1.3450. Since then, another consolidation range was established between 1.2800 and 1.3380.

Last week, a bearish breakout below the support level of 1.3075 was mandatory to allow the further bearish decline towards 1.2900. However, an evident bullish rejection was expressed around this level.

A bullish breakout above 1.3380 was made on Monday earlier this week.

Daily fixation above 1.3380 enhances the bullish side of the market towards the next resistance level at 1.4100 (Fibonacci Expansion 100%) where bearish rejection should be anticipated.

On the other hand, the price zone around 1.3380 is still a significant support zone to be watched for valid buy entries.

Trading recommendations:

Conservative traders should wait for a bearish pullback towards 1.3380-1.3400 to buy the USD/CAD pair.

S/L should be placed below 1.3300.

Initial T/P levels should be placed at 1.3500 and 1.3600. A bullish target is projected towards 1.4100.

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