Forex Technical Analysis USD/CAD

Discussion in 'Technical Analysis' started by Akriti, Jul 25, 2013.

  1. Akriti


    Surging line has limited downside bias of the USDCAD in the immediate near term trading, coupled by 100 SMA which is physically placing a hurdle in the negative development. In addition, falling prices stopped slightly above the 61.8% Fibonacci level of 1.0014 to 1.0597, at 1.0236. We cannot ignore all that indications in forming our trading expectations. Firstly any short positions are suggested to be covered since we consider recent negative move a retracement that ended and that is reinforced by Stochastic being in the oversold zone. Up trend is likely to resume moving towards initial upside barrier at 1.0357 around 50 SMA ahead of next resistance at 1.0420.