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Thread: Technical analysis of USD/CAD By Instaforex

  1. #21
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    Default Technical analysis of USD/CAD for September 25, 2014 By Instaforex

    General overview for 25/09/2014
    The very short retracement corrective cycle in red wave 2 looks to be completed, but more complex correction shouldn't be ruled out yet. The bias is still bullish and the key level is the intraday support at the level of 1.1047. The first projected target for this impassive cycle is at the level of 1.1187. Please notice that any breakout below the intraday support level might lead to the test of the weekly pivot at the level of 1.0979.

    Trading recommendations:
    The buy positions from Monday have been closed at the projected TP level and now patience is required as only a sustained breakout above the intraday resistance is a valid buy signal.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  2. #22
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    Default Technical analysis of USD/CAD for September 26, 2014 By Instaforex

    General overview for 26/09/2104
    The market is behaving as anticipated, slowly making new higher highs but the projected target level has not been hit yet. The market is still trading inside of the golden channel, bouncing up from the lower channel boundary. The Awesome Oscillator shows moderate pace of momentum, so the traders might expect another high to be made on this pair. The short term, mid-term and long-term outlook is still bullish and the first target is at the level of 1.1187.

    Trading recommendations:
    Day traders should consider opening buy positions from the level of 1.1130 with SL below the level of 1.1097 and TP at the level of 1.1187.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  3. #23
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    Default Technical analysis of USD/CAD for September 29. 2014 By Instaforex

    General overview for 29/09/2014
    The market is developing in the anticipated way, still making higher highs as the impulsive wave progression has not been finished yet. The recent swing high at the level of 1.1177 has been labeled as wave -iii- top, so now this pair is in the corrective cycle wave -iv-. This means one more wave to the upside is still missing and when correction is done this wave will materialize. Please notice, that any violation of the level of 1.1126 will invalidate blue bullish impulsive count.

    Trading recommendations:
    Swing traders and day traders should consider moving the trailing stop loss orders for all buy positions just below the level of 1.1125 in case the corrective cycle will be more complex and deeper in retracement.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  4. #24
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    Default Technical analysis of USD/CAD for October 1, 2014 By Instaforex

    General overview for 01/10/2014
    The upward wave progressions developing as anticipated and the price keeps making higher highs as shown on the chart. Currently, the red cycle has not been completed yet as the market consolidates recent gains and it is getting ready to breakout to the upside again when the corrective cycle wave 4 red is completed. The target is at the level of 1.1275.

    Trading recommendations:
    The trailing stop loss orders for all buy positions should be moved just below 1.1191 in case the corrective cycle will be more complex and deeper in retracement.The short-term bias is bullish and only buy orders should be open in this market. The target is at the level of 1.1275.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  5. #25
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    Default Technical analysis of USD/CAD for October 2, 2014 By Instaforex

    General overview for 02/10/2014 10:10 CET
    After unexpected fifth wave failure, the market sharply reversed down breaking the important level of 1.1097 for impulsive wave progression. This means the green impulsive count is now invalidated due to wave (iv) and wave (i) overlaps, and new count, even more bullish is on the chart now. This labeling indicates a third black cycle labeled as wave (1) and wave (2) so far with invalidation line at the level of 1.0885. Currently the market is in corrective cycle wave (2) and it looks like the zig-zag pattern in the making. The projected target for this cycle is at the level of 1.0987 and sharp rebound is being expected from there.

    Trading recommendations:
    Day traders should consider opening sell positions form current price levels, with SL above the level of 1.1130 and TP at the level of 1.0987.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  6. #26
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    Default Technical analysis of USD/CAD for October 3, 2014 By Instaforex

    General overview for 03/10/2014
    The corrective cycle in wave b purple has blown through 61%Fibo of the wave a purple and currently is consolidating in the supply zone between the levels of 1.1160 - 1.1187. Any breakout higher is still possible but only a clear violation of the last swing high at the level of 1.1222 resumes the bullish trend and opens the road to the higher price levels (alternative labeling). On the other hand, any failure in the supply zone will result in another leg to the downside, but only clear breakout below intraday support at the level of 1.1069 invalidates alternate count .

    Trading recommendations:
    Currently the situation is rather unclear as the wave b purple is still in progress, so traders should refrain from trading until NFP news arrive and trade in the direction of the larger time frame trend, which is bullish.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  7. #27
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    Default Technical analysis of USD/CAD for October 6, 2014 By Instaforex

    General overview for 06/10/2014
    The wave progression is developing as anticipated, making higher highs in the impulsive cycle that has not been finished yet. Currently small internal corrective cycle in wave -iv- blue looks to be completed and another higher high should be made in order to complete wave 3 red with projected target at the level of 1.1300. The key level for this count is at the level of 1.1175 because any violation of this level invalidates the red bullish impulsive count.

    Trading recommendations:
    Swingtraders with opened buy orders should still hold those positions open and wait for another high in this market before cash in. Daytraders should pay attention to the mentioned key level and, on the other hand, to the technical resistance level as any breakout higher would provide a great opportunity for a quick scalp trade.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  8. #28
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    Default Technical analysis of USD/CAD for October 7, 2014 By Instaforex

    General overview for 07/10/2014
    The unexpected decline from the highs at the level of 1.1277 forced a change in wave labeling in this pair. The bias is still bullish but currently it looks like the market has developed more complex wave (2) black in form of abc green running flat correction. Moreover, the market is moving inside of a blue channel and so far it bounces up from lower channel boundary. Nevertheless, only a violation of the intraday resistance at the level of 1.1182 is bullish as the market is moving inside of the daily range so far.

    Trading recommendations:
    Daytraders should consider opening buy stop order at the level of 1.1183 with SL below the level of 1.1110 and TP at the level of 1.1222 with a possible extension to the level of 1.1277.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  9. #29
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    Default Technical analysis of USD/CAD for October 9, 2014 By Instaforex

    General overview for 09/10/2014
    The corrective cycle in wave (2) has not been finished and now it is going to be more complex and time consuming. To confirm the bottom in this cycle, the market must breakout above the level of 1.1210, otherwise the correction will continue. The first projected target for wave a green is at the level of 1.1051 and then choppy corrective rebound is anticipated in wave b green. Then the final corrective wave c green to the downside is expected.

    Trading recommendations:
    As long as the price stays below the level of 1.1110 only sell orders should be opened with the potential TP at the level of 1.1051 and belo
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  10. #30
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    Default Technical analysis of USD/CAD for October 10, 2014 By Instaforex

    General overview for 10/10/2014
    As anticipated yesterday, the corrective wave b green is testing the lower golden channel boundary from the downside. The key level to the upside is about to be broken and the alternate count might be confirmed/invalidated soon. To do this, the market must break above the level of 1.1210 and head into the last swing high at the level of 1.1240. On the other hand, a failure here on this price level will bo more supportive for the main count, that indicates one more wave to the downside in order to complete the corrective cycle in wave (2).

    Trading recommendations:
    Daytraders should consider to open buy stop orders if the level of 1.1211 is broken, with SL below the level of 1.1179 and TP at the level of 1.1240.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

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