USD/CAD
Short-term view-
The pair has been in a down trend from 1.1279 levels and making lower lows and lower highs for four months. The pair is holding the support at 50-week Sma at 1.0716. This week pair opened on a highly bearish note, higher at 1.0761, we expect further up move will be intact once it breaches this week high. The trading pattern is framed between 1.0711-1.0761 levels (as of now). If the pair breaches 1.0761, it can start its new bullish wave for inital targets at 1.0894 and 1.0960 levels. If the pair breaks the 50-week Sma 1.0711 (1.070 make round figure), it can extend its bearish leg up to 1.068, 1.0652, and 1.0589 (2014 Jan low).
SELL BELOW 1.70 FOR TAREGTS AT 1.068, 1.065, AND 1.0589.
BULLS ARE BACK ON TRACK ABOVE 1.0761.
SUPPORT ZONE IS BETWEEN 1.0711-1.070.
In yesterday's session, the pair held at the previous support, which maybe called as minor double bottom at 1.0716, and closed at the highest point of the day. We expect this is an initial sign for a pullback from the losing streak. The pair has a rough road ahead at 1.0761, above this, 1.0784-1.0790 levels. The bulls will take complete charge if the pair closes above 1.0790 for 1.0826 and 1.09 levels. In the daily chart, the daily momentum oscillators favor to pull back from the current oversold levels.
For an intraday basis, the support levels existed at 1.0732 (35H Dema) and 1.0716, below this, 1.0711-1.070. Resistance is at 1.0754 (21 Hr Sma) and 1.0761, above this, it will spike to 1.0790 and 1.0826 levels.
NOTE- cmp 1.0748.
Fresh buyers, buy above 1.0761, positional traders, hold with sl 1.070.
The material has been provided by InstaForex Company - www.instaforex.com
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