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Thread: Technical analysis of USD/CAD By Instaforex

  1. #91
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    General overview for 12/02/2015
    The market broke out of the supply zone just to hit the upper boundary of the golden channel and sharply reversed. It bounced back right from the weekly pivot at the level of 1.2543 and now it should continue even lower, but first, the price must break out of the golden channel in order to make a new low below the level of 1.2350. Only an impulsive wave progression that violates the supply zone invalidates the scenario.

    Trading recommendations:
    Any breakout below the level of 1.2543 is bearish and daytraders should consider opening sell orders only. Please set the SL above the level of 1.2565 and TP should be left open for now.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  2. #92
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    General overview for 13/02/2015
    The recent wave development is going on as anticipated with new local lows after a golden channel's breakout. The market should now continue lower, but any price movement above the key level at the level of 1.2565 would be a game changer with a possible supply zone test. Nevertheless, the market shows sighs of weakness and new lows should be made soon. First confirmation of this scenario comes with the intraday support at the level of a 1.2436 breakout

    Trading recommendations:
    Yesterday's sell orders should be still kept open and SL should be now placed above the level of 1.2565 (entry was 1.2543, so it is only 22 pips). First TP orders should be placed at the level of 1.2349.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  3. #93
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    General overview for 16/02/2015
    The market has broken out of the golden corrective channel and tested it in form of the wave b green. Currently, the price should continue lower, but please notice, that the wave b green might not have been finished yet and market might try to test the weekly pivot at the level of 1.2506, before reversing to the downside. Nevertheless, the most important level for bulls is the intraday support at the level of 1.2418 because any breakout lower opens the road to the technical support at the level of 1.2348. The projected target for wave Y brown is the orange rectangle area between the levels of 1.2252 - 1.2231.

    Trading recommendations:
    The sell orders from the last week should be still kept open and SL should be kept above the level of 1.2565 (entry was 1.2543, so it is only 22 pips). First level to add to the existing sell orders should be at the level of 1.2415. First TP orders should be placed at the level of 1.2349.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  4. #94
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    General overview for 20/02/2015
    The current wave progression starts to looks like a triangle formation with a very strong support based between the levels of 1.2349 - 1.2359. The price action is very choppy and overlapping, just as it should be in a triangle pattern. This might lead to a conclusion that as long as the level of 1.2349 is not violated, the recent swing high at the level of 1.2797 might be the top for a larger wave 3 instead of wave 5. Nevertheless, the market is still consolidating in a rather thight range, and traders might wait for more clear pattern to emerge.

    Trading recommendations:
    Daytraders should refrain from trading as long as one of the important levels is violated: either 1.2349 or 1.2696.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  5. #95
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    General overview for 24/02/2015
    As for the yesterday's analysis, the market broke the golden trend line, then tested the intraday support and now it looks like it is heading for testing of the supply zone between the levels of 1.2658 - 1.2694. Any breakout higher above the level of 1.2694 is bullish and the idea of a complex corrective structure labeled as WXYXX will be invalidated and the alternate scenario would be in play then

    Trading recommendations:
    Buy orders advised yesterday should be still kept open, with SL below the level of 1.2545 and TP at the level of 1.2631 - 1.2658.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  6. #96
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    General overview for 25/02/2015
    The long-term scenario was relabeled and updated. The first most important conclusion is that the market has not completed the upward wave progression and there are some waves missing so far. This means the larger-term outlook is still bullish for this pair until the wave development is finished. Currently the market is in wave (4) corrective cycle and it should resume the rally when the correction is completed. According to the intraday wave progression, there is only wave (e) blue of wave (4) black missing to complete the triangle pattern. If, however, this pattern is invalidated (breakout below the technical support at the level of 1.2349), the alternate corrective scenario is in play.

    Trading recommendations:
    The buy orders from yesterday hit the anticipated TP level, and the market sharply reversed to the downside. Currently, after the intraday sell-off the buy zone is preferred again with SL bellow the level of 1.2349.
    Technical analysis of USD/CAD By Instaforex-usdcad_h42-jpg

  7. #97
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    General overview for 26/02/2015
    For the whole week so far, this pair had stayed inside the neutral/range zone and it is still about to complete the corrective pattern. Currently, the intraday moves inside the range are limited and the market is close to important support at the level of 1.2349. The triangle structure can be completed at this level, but please notice, that the alternative count suggests even deeper correction is possible. Nevertheless, there are no evident market reversal clues so far as the golden trend line is not violated and pair is trading below the weekly pivot

    Trading recommendations:
    Daytraders should consider opening buy orders from current market levels with SL below the level of 1.2348 and TP at the level of 1.2496 with a possible upward extension.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  8. #98
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    General overview for 27/02/2015
    The alternate scenario suggesting an (a)(b)(c)(d)(e) blue triangle pattern might just have been completed and the yesterday's rally might be the first wave upward in shape of the leading diagonal. To confirm this kind of wave progression, the market cannot break below the level of 1.2885 (invalidation level) and it should bounce and reverse at the intraday support at the level of 1.2454. Any violation of this level would lead to the recent low test and possible invalidation of the bullish impulsive scenario.

    Trading recommendations:
    Yesterday's buy orders hit the TP level. Currently, the long side of the market should be considered with SL below the level of 1.2454 and TP at the level of 1.2531 with a possible upward extension.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  9. #99
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    General overview
    The current wave progression indicates a more complex and time consuming corrective cycle in wave (ii) green is in its final stages. There is only one wave to the downside missing now and the market should rebound from the golden trend line dynamic support around the level of 1.2403. Only a sustained breakout below the level of 1.2386 would invalidate the bullish outlook.

    Trading recommendations:
    Daytraders and swingtraders should consider opening buy orders on the current price levels with SL below the level of 1.2386 and TP open for now.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  10. #100
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    General overview
    A sudden and sharp corrective wave to the downside hit the lower levels of the price range, as anticipated, yesterday. Currently, this corrective cycle might be considered completed, but to confirm this assumption, the price must make another high above the level of 1.2797. Otherwise, this upward price progression might be only wave (b) green from the overall (a)(b)(c) corrective structure, and a lower level should be expected then. The bias is still bullish as long as the low at the level of 1.2386 is not violated.

    Trading recommendations:
    Daytraders should still consider opening buy orders only if the level of 1.2797 is clearly violated with H1 candle close above this level. SL orders should be placed below the level of 126.62 and TP orders should be placed at the level of 1.2934.
    Technical analysis of USD/CAD By Instaforex-usdca_h1-jpg

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