Forex Analysis: 16 Apr 2012, 10:25 UTC+00

USD/CAD Intraday Technical Analysis and Trading Recommendations for April 16, 2012


Show full picture

The USD/CAD Linear Regression Channels Hourly chart illustrates:

The USD/CAD currency pair remained in downtrend since last Wednesday within two identical bearish channels depicted on the chart.

On Friday the USD/CAD movement showed the bullish tendency presented in the bullish short-term Violet channel that was able to breakthrough the upper limit of the longer-term bearish channels.

Therefore, more attention should be paid to the bullish direction. Hence the price level 0.9970 should be considered for price action as it corresonds to the backside of the upper limit of the broken channels, the lower limit of the intact bullish violet channel & finnally a previous Intraday top.

As long as the USD/CAD pair is trading above 0.9970 with bullish price action, the pair is considered as bullish aiming towards 1.0050.

Breakdown of 0.9970 is likely to reveal the strength into the market aiming towards 0.9935 & 0.9888.


Performed by
analytical expert: Mohamed Samy
InstaForex Group © 2007-2017
 Published: 16 Apr 2012, 10:25 UTC+00

 
Recommend: Forex Analytics
 
Elliott wave analysis of EUR/JPY for February 22, 2017
22 Feb 2017, 09:46 UTC+00   
Betrachtet heute 2484
Technical analysis of gold for February 22, 2017
22 Feb 2017, 13:05 UTC+00   
Betrachtet heute 2385
Technical analysis of EUR/USD for Feb 22, 2017
22 Feb 2017, 06:47 UTC+00   
Betrachtet heute 2305
Global macro overview for 22/02/2017
22 Feb 2017, 14:04 UTC+00   
Betrachtet heute 2291
Technical analysis of USDX for February 22, 2017
22 Feb 2017, 13:13 UTC+00   
Betrachtet heute 2265