Overview:
- The trading recommendations today will give its impact in the short term. Also, we should remember that history will probably repeat itself at this level again. Thus, according to the previous events, the USD/CAD pair is going to move between 1.1313 and 1.1454. In particular, the double bottom has set at the price of 1.1314 and the support is represented at the same level on H4 chart. Consequently, the trend may fail to close below the strong support at 1.1313. So, buy below the level of 1.1313 with the first target at 1.1418, then it will be continued towards 1.1554 in order to test this strong support. The stop-loss is to be placed below the level of 1.1313. On the other hand, the strong resistance will be formed at the level of 1.1465 (100% Fibonacci retracement levels) providing a clear signal for sell deals with the targets seen at 1.1420 and 1.1393.
Intraday technical levels:
Date:5/12/2014
Pair:USD/CAD
- R3: 1.1463
- R2: 1.1430
- R1: 1.1406
- PP: 1.1373
- S1: 1.1349
- S2: 1.1316
- S3: 1.1292
