USD/CAD Technical Analysis and Trading Recommendations for January 27, 2012.
Pivot Point: 1.0016.
Overview:
The market remains strong and achieved the level 0.9960 (11% of Fibonacci retracement levels). Thus, a month ago (on October 30, 2011) the USD/CAD resistance level was broken and turned into support level. The pair has already formed the strong support at the level 0.9960. So the market indicates a bullish opportunity at the level 0.9960 with the level 1.0130 as the first objective and continues the movement to the level 1.02. The downside momentum is expected later.
However, if the trend is not able to break through and close above the level 1.02, then the downward momentum is to take place. This fact is quite convincing as the structure of the downward movement appears to be non-corrective. Therefore the market will indicate a bearish opportunity at level 1.0200, from which the SELL-deals are recommended. On H4 the descending movement to the level 1.0010 will resume.
Trading Recommendations:
Considering the previous events, the price is still between the levels 1.0020 and 1.0270.
BUY-deals are recommended higher than the 0.9960 level with targets 1.313 and 1.32.
The pair is likely to turn downwards from the pint lower than 1.0200 and with the level 1.0010 as a target.
Technical Levels:
R3: 1.0118
R2: 1.0083
R1: 1.0051
PP: 1.0016
S1: 0.9984
S2: 0.9949
S3: 0.9917
Observation (s):
Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.
Key level at 0.9960.
History will probably repeat itself at this level again.
The material has been provided by Instaforex Company – instaforex.com
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