USD/CAD Technical Analysis and Trading Recommendations for June 29, 2012.

Weekly Pivot Point: 1.0060.

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Overview:

The market will continue showing strength by going to the level 1.0226 (23.6% of Fibonacci retracement levels - H4 chart). Therefore, the USD/CAD pair's resistance was broken and turned into support two weeks ago (on the 21^st of June, 2012); the pair has already formed a strong support at the level of 1.0220. So the market indicates a bullish opportunity at level 1.0226 with 1.0300 seen as first objective and continues its movement towards 1.0340 and further to 1.0420. However, if the trend does not manage to break through and close above the level 1.0440, then a downside momentum will begin which is rather convincing. The structure of the downfall looks as non-corrective, for that the market will indicate a bearish opportunity at 1.0440, hence it will be a good sign to sell at this level in order to continue the downward movement towards 1.03.

Trading Recommendations:

According to previous events, the price remains between 1.0380 and 1.0220.

• Consider the downside movement below 1.0440 with target seen at the 1.0340 level then 1.03.
• BUY deals are recommended higher than the 1.0230 level with targets at levels 1.0340 and 1.0415 // 1.0440.
  

Observation (s):

Please check out the market volatility before investing, as the sight price may have already been reached and scenarios invalidated.

Key level at 1.0336 (61.8% of Fibonacci).

The pair will probably experience the same at this level.

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Performed by Analytical expert: Mourad El Keddani
InstaForex Group © 2007-2013

 Published: 2012-06-29 05:23:17 UTC+00 11 months, 2 weeks, 6 days, 1 hour, 38 min. ago

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