Technical analysis of USD/CAD for February 27, 2014 Trend News

New home sales data boosted the US dollar. it was the strongest data from the housing market. USD/CAD remains in a downtrend from 1.1224, January 31, 2014 high, and it extended its fall to 0.0910. The pair again tried to cross the previous high from the low of 0.0910, but it was unable to cross it. In yesterday's trading session the pair showed a good sign of recovery. The pair made a double bottom at the level of 1.1055 this week. Any major weakness is only below this level. In the daily and hourly charts, the RSI is not comfortable for more upside. In the hourly chart, the pair may face resistance at the level of 1.1144.

During the Asian trading session the pair is trading at the level of 1.1133.

Intraday-

S1 1.1110 R1 1.1144

S2 1.1087 R2 1.1172

S2 1.1073 R2 1.1195

Intraday recommendation-

Sell with sl at 1.1144 and targets at 1.1124, 1.1113, 1.1102, and 1.1089.

Buy above 1.1145 with targets at 1.1172 and 1.1195.

Positional recommendation-

Hold longs with sl at 1.1055.

Sell below 1.1055 with targets at 1.0934.

The material has been provided by InstaForex Company - www.instaforex.com



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