USD/CAD Intraday Technical Analysis and Trading Recommendations for September 14, 2012
The USD/CAD pair found resistance around the price level of 0.9915 corresponding to the upper limit of the bearish channel breaking down the lower limit of the consolidation range at 0.9845 which previously acted as support level.
After breakdown of 0.9845, the market went to the downside reaching the price level of 0.9722, achieving the full target for this range bearish breakout located at 0.9745.
Price level of 0.9655 constitutes an intraday Support level, bullish price action should be expressed today. Otherwise, breakdown of this level will allow the pair to have another bearish swing.
Price level of 0.9845 should be watched for price action at retesting as it will probably offer a valid SELL entry with target at the lower limit of the channel around 0.9650. However, fixation above 0.9845 threatens again the bearish view considering this breakdown as a trap for sellers.
Performed by Mohamed Samy, Analytical expert
InstaForex Companies Group © 2007-2011
Mohamed Samy Abulftooh Abdelatty
Mohamed Samy was Born on 8 August 1990 In 2007 , joined the faculty of medicine Cairo University . Has been keen on financial markets since 2009, The same year began studying technical analysis attending many courses and seminars . Started forex trading in Late 2009 . Has been working as an arabic supporter for instaforex since 2011 . Interests : Internet , Football and Music . When a person really wants to do something, he will find a way of doing it.
Types of Analysis: Technical analysis , Review
Experience: 3 years
Analytical Credo: Classic Technical Analysis & Price Time Analysis