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 0.9635 testing the lower limit of the depicted
bearish long-term channel which expressed a considerable bullish
strength.
The USD/CAD pair reacted strongly towards the upper limit of the
depicted channel pushing the pair to the downside testing the intraday
Support zone 0.9720-0.9700 (neckline of a possible H&S reversal
pattern)
It's important to notice that the USD/CAD pair is probably
establishing an ascending bottom around 0.9777 which may act as intraday
support to be watched.
Price level of 0.9840 still 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 confirming the possible bullish
Head & Shoulders pattern depicted on the chart which will be
targetting around 0.9920.
| Performed by Analytical expert: Mohamed Samy | |
| InstaForex Companies Group © 2007-2012 |
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