General overview for 25/04/2014 08:40 CET
Very tight trading range has been observed on this pair recently with volatility slowly decreasing as well. The range is between the level of 1.1038 and 1.1015 and it is being supported by ascending golden trendline. Only a sustained breakout below the intraday support would expose the weekly pivot for test. Otherwise the price will maintain the trading range.
Support/Resistance:
1.1066 - WR1
1.1052- Swing High
1.1045- 88%Fibo
1.1038 - Intraday Resistance (range)
1.1010 - Golden Trend Line Dynamic Support
1.1004 - Weekly Pivot
1.1015 - Intraday Support (range)
1.1000 - Intraday Support
1.0976 - WS1
Trading recommendations:
As long as the level of 1.1038 provides the resistance, the sell orders should be opened from the price levels close to the level of 1.1023 with SL above the level of 1.1038 and TP at the level of 1.1000 with a possible downside extension to the level of 1.0963.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of USD/CAD for April 25, 2014 . Thanks for your support on Technical analysis of USD/CAD for April 25, 2014
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