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Thread: Technical analysis of USD/CAD By Instaforex

  1. #31
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    Default Technical analysis of USD/CAD for October 13, 2014 By Instaforex

    General overview for 13/10/2014
    The recent price action on this pair indicates some sort of possible gains consolidation just below the golden channel line, between the area of 1.1221 - 1.1158 with the key level being the intraday resistance at the level of 1.1221. The outlook and bias for this pair is still bullish, but the internal sub-cycle wave c green to the downside still seems to be missing. Please keep an eye on both intraday levels, because only a clear breakout above one of the levels will give more clues about further wave development.

    Trading recommendations:
    The overall bias is still bullish and buying the dips in this market is advised. Nevertheless, some internal sub-cycles seem not to be completed, so please monitor the situation continuously and trade only if any of the intraday levels are clearly broken
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  2. #32
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    Default Technical analysis of USD/CAD for October 14, 2014 By Instaforex

    General overview for 14/10/2014
    The wave progression is being re-labeled to fit the alternative count and this one is very bullish. Currently the market is back to the golden channel zone and impulsive development is getting stronger as the market is about to break higher above the last swing high. The first target is on the level of 1.1277, but it might get easily extended to the level of 1.1291.

    Trading recommendations:
    As advised yesterday, buying the dips is the way to go in this market to trade it and now please notice some profit taking might have place when the price hits the level of 1.1277. Nevertheless, the bias is still bullish and higher levels are expected.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  3. #33
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    Default Technical analysis of USD/CAD for October 15, 2014 B Instaforex

    General overview for 15/10/2014
    The wave progression is developing as anticipated and still higher highs are being made. It looks like the wave (3) might have been done and internal corrective sub-cycle is being made now. The projected level for this cycle to complete is at the level of 1.1321 and the market should rebound. However, if this level is broken, then the next target for the wave (4) is at the level of 1.1277. Only a clear and sustained breakout below this level would invalidate the bullish outlook and made a corrective cycle more complex and time-consuming.

    Trading recommendations:
    Daytraders should consider opening buy limit orders from the level of 1.1321 with SL below the level of 1.1276 and TP above the last swing high.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  4. #34
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    Default Technical analysis of USD/CAD for October 16, 2014 By Instaforex

    General overview for 16/10/2014
    The corrective cycle in wave (4) was a quite sharp and sudden decline that almost invalidated the overall bullish count, breaking below both intraday support levels. Currently the suggested wave count in corrective cycle might look like a triangle formation if two more waves will be made inside of it before the level of 1.1220 is eventually broken. This level is invalidation line and if it is broken, then the overall wave development on larger time frames would suggest more downside wave progression will be made as the bigger cycle wave 4 green has not been completed yet.

    Trading recommendation:
    As long as the level of 1.1220 is not broken the bias is still bullish as there is at least one more wave to the upside missing to complete the cycle. Buying the dips is advised with SL below the level of 1.1219.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  5. #35
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    Default Technical analysis of USD/CAD for October 17, 2014 By Instaforex

    General overview for 17/10/2014
    The choppy trading conditions in wave (4) black has been anticipated yesterday, as the market is trying to unload the excessive amount of long positions in the recent trading range. As long as the key level of 1.1220 is not violated the bias is still bullish, but any breakout lower immediately exposes the level of 1.1080.

    Trading recommendation:
    Not much has changed since yesterday and still traders should put an eye on the level of 1.1220, because as long as the level of 1.1220 is not broken the bias is still bullish as there is at least one more wave to the upside missing to complete the cycle. Buying the dips are advised with SL below the level of 1.1219.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  6. #36
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    Default Technical analysis of USD/CAD for October 20, 2014 By Instaforex

    General overview for 20/10/2014
    The count has been slightly changed as the previous waves 1 and wave 2 overlapped. The main reference level for this count is the key zone at the level of 1.1070, because any violation of this level invalidates the purple impulsive count and makes main labeling very probable. The current corrective cycle might be the beginning of a very large degree correction that will be complex and time consuming but there is no confirmation of this kind of wave progression just yet and it is still very possible that the impulsive wave sequence in form of 1-2, (i) - (ii), i-ii, (1)-(2) pattern will result with explosive upward progression soon. The first projected target is at the level of 1.1725.

    Trading recommendations:

    As long as the price trades above the level of 1.1070 the uptrend is intact and higher prices are expected here. Buying the dips is the way to trade this market, both for swing and daytraders.

    Technical analysis of USD/CAD By Instaforex-usdcad_d1-jpg

  7. #37
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    Default Technical analysis of USD/CAD for October 21, 2014 By Instaforex

    General overview for 21/10/2014
    The golden channel trend line has capped the market at the level of 1.1293, making this level a high for wave (b) blue. Currently the most appropriate labeling would suggest another wave down to complete wave (c) blue of the overall cycle. If this assumption is correct, then the price should test the level of 1.1209 and possibly break it.

    Trading recommendations:
    As long as the price trades above the level of 1.1070 the uptrend is intact and higher prices are expected here. Buying the dips is the way to trade this market, both for swing and day traders.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  8. #38
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    Default Technical analysis of USD/CAD for October 23 2014

    General overview for 23/10/2014
    The complex corrective structure in wave 2 purple might have been completed and any breakout above the key level at the �level of 1.1292 is bullish breakout confirmation targeting the recent swing high at the level of 1.1381. On the other hand, a failure at this level would extend the downside correction in time and possibly make it more complex, with targets below both intraday resistance levels.

    Trading recommendations:
    Buy stop orders should be opened if the level of 1.1293 is clearly broken, with SL below the level of 1.1181 and TP at the level of 1.1381.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  9. #39
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    Default Forecast on USD/CAD for October 24, 2014 By Instaforex

    The pair made a multiple top around 1.2927-1.3000. In yesterday's session the pair took the support at 20Dsma and erased its losses partially. Today, as well the pair opened on a bearish note. Now, as of today the pair was unable to trade above the previous open price. On the downside, it has support at 1.1200 and 1.1184 levels. The trading pattern is framed between 1.1184-1.1298 levels. We recommend fresh buying only above 1.1300 for targets at 1.1385 levels on a positional basis. In case, if the pair closes below 20Dsma on a daily closing basis, then only the bears get a chance to drag the pair towards 1.1160 and 1.1085 levels. Traders can patiently wait for a direction or risky traders can use sl 1.1257 and start selling at the market price. In the h4 and h1 chart the prices are trading below the hourly moving averages. Safe traders can wait one more day for a clear direction either to 1.1385 or 1.1085 levels.
    Technical analysis of USD/CAD By Instaforex-usdcadh4-png

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

    General overview for 29/10/2014
    The count has been a little bit adjusted to fit the complex corrective cycle in still possible wave (2) purple. The wave c green of this correction looks completed and bullish divergence supports this view. The first confirmation of a bullish wave progression to the upside comes with the level of intraday resistance at the level of 1.1182 breakout and then a golden channel upside breakout as well. A failure there means the market is rather very likely to break below the black line and test the demand area between the levels of 1.1070 - 1.1080 again.

    Trading recommendations:
    Traders should consider opening buy positions from the current market levels, with SL below the level of 1.1070 and TP above the level of 1.1182
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

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