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Thread: Technical analysis of USD/CAD By Instaforex

  1. #41
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    Default Technical analysis of USD/CAD for October 30 2014 By Instaforex

    General overview for 30/10/2014
    The low anticipated yesterday for purple wave (2) looks to be in place now. The market move is just below the golden trendline and it is waiting for a breakout. The key level for the market is the level of 1.1292 and any breakout above the level is bullish with a high possibility of new highs to be made. Moreover, any failure at that level means that the corrective cycle will be more complex and time-consuming.

    Trading recommendations:
    The buy orders opened yesterday should be still kept open and SL for those orders should be now moved higher above the level of 1.1100. Any breakout above the level of 1.1220 provides further opportunity to add more buy orders with the same SL and TP levels as before.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  2. #42
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    Default Technical analysis of USD/CAD for October 31, 2014 By Instaforex

    General overview for 31/10/2014 08:30 CET
    The market has broken above the golden trend line but it does not looks like an impulsive breakout yet. To confirm more upward wave progression, the bulls would have to move the price above the weekly pivot at the level of 1.1240 and then hit the intraday resistance at the level of 1.1295. Any breakout higher above this key level would be the strongest clue that the bullish trend is resuming. On the other hand, any breakout below the intraday support at the level of 1.1164 will put the demand zone to immediate test.

    Trading recommendations:

    The situation has not changed since yesterday much and the buy orders opened yesterday should be still kept open. SL for those orders should be now moved higher above the level of 1.1100. Any breakout above the level of 1.1220 provides further opportunity to add more buy orders with the same SL and TP levels as before
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  3. #43
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    Default Technical analysis of USD/CAD for November 3, 2014 By Instaforex

    General overview for 03/11/2014
    Only three waves are taking place right now and another push to the upside is being expected when the corrective cycle is completed. The current anticipated pattern for this correction is a triangle pattern with support level at weekly pivot at the level of 1.1251. Please notice that the level of 1.1330 is expected to be violated and the current target is at the level of 1.1384. Only a sustained breakout below the level of 1.1163 would make downward intraday trend to continue and test the level of 1.1121.

    Trading recommendations:
    All buy orders advised last week should still be kept open and any breakout above the level of 1.1330 provides another opportunity to add to existing buy orders. Sl should be moved just below the level of 1.1162.

    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  4. #44
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    Default Technical analysis of USD/CAD for November 5, 2014 By Instaforex

    General overview for 05/11/2014
    The wave progression is developing as anticipated with the price making new higher highs. The projected target level of daily chart is the price zone between the levels of 1.1548 - 1.1590. Please notice that this target might be extended even higher to the level of 1.1650 before any meaningful corrective cycle takes place

    Trading recommendations:
    All buy orders advised last week should still be kept open and SL should be moved just below the level of 1.1425. First projected TP is at the level of 1.1462, it might be hit at the end of the week.
    Technical analysis of USD/CAD By Instaforex-usdcad_d1-jpg

  5. #45
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    Default Technical analysis of USD/CAD for November 6, 2014 By Instaforex

    General overview for 06/11/2014
    The clear bearish divergence between the price and momentum oscillator is starting to get more influence on price behavior. The downward price development can not be ruled out yet and any violation of the level of 1.1338 invalidates current impulsive wave progression. In that case, the level of 1.1466 will be the top for wave (i) green and the corrective cycle might retrace even to the level of 1.1262 before the uptrend will eventually resume.

    Trading recommendations:
    The advised TP level has been hit ( and broken) and now day traders and swing traders should wait for the corrective cycle to complete before opening buy positions again
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  6. #46
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    Default Technical analysis of USD/CAD for November 7, 2014 By Instaforex

    General overview for 07/11/2014
    Not much has happened since yesterday's update as the market is consolidating the latest gains in the range zone between the levels of 1.1461 - 1.1368. The recent wave progression does not look like an impulsive movement and it is rather very possible it is some sort of wave b to the upside. That means the market should make another wave down to complete a simple correction, before uptrend will eventually resume. Bias is upward until the level of 1.1100 is broken.

    Trading recommendations:
    Day traders and swing traders should wait for the corrective cycle to complete before opening buy positions again
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  7. #47
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    Default Technical analysis of USD/CAD for November 11, 2014 By Instaforex

    General overview for 11/11/2014
    The current situation on this pair is not clear for both bulls and bears due to equally possible labeling that have a slightly different outlook. The key level however is still the green count invalidation line at the level of 1.1220. As long as the currency pair is trading above this level, another upward leg is still possible. Please notice that the price is not testing the red trend line from the downside and any failure here might be a first clue the top is really in place as per main count. Otherwise, any breakout higher would mean that the last wave (v) green is in progress and new highs can be made.

    Trading recommendations:
    Day traders should consider opening buy positions if the level of intraday support is not broken (with SL just below 1.1368), targeting new highs in this pair. Swing traders should consider closing longer-term buy orders if the level of 1.1220 is violated.

    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  8. #48
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    Default Technical analysis of USD/CAD for November 12, 2014 By Instaforex

    General overview for 12/11/2014
    The red trend line downside test has failed and the price has been rejected from the level of 1.1400. Currently there are two intraday count possible: alternative count indicated more upside in order to complete the last leg to the upside and the invalidation of this count is at the level of 1.1298. On the other hand, the main count suggests more downside extension in impulsive fashion if the level of 1.1298 is broken. Moreover, the next important near-term invalidation line is at the level of 1.1220. Breakout lower or violation of the levels is the first clue that the immediate-term top is in place at the level of 1.1464.

    Trading recommendations:
    Day traders should consider to open buy orders only in the level of 1.4000 is broken and sell orders only if the level of 1.1298 is violated. Otherwise, please refrain from trading until the market decides which way it wants to move.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  9. #49
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    Default Technical analysis of USD/CAD for November 13, 2014 By Instaforex

    General overview for 13/11/2014
    The alternative blue impulsive count has been invalidated due to wave -i- and wave -ii- blue overlaps. Currently, the main count is the best fit so far and this count indicates that the corrective cycle within the wave ii black continues to develop its last wave to the upside. There are three possible levels of termination and at this point it is too early to predict where exactly will the last leg up be finished. Only a new high above the level of 1.1465 would invalidate this view and put the alternative green scenario in play.

    Trading recommendations:
    Day traders should consider opening sell orders from the indicated levels with minimal SL in case the levels will be violated. However, the ultimate SL should be placed just above the level of 1.1401.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

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    Default Technical analysis of USD/CAD for November 19, 2014 By Instaforex

    General overview for 19/11/2014
    First impulsive wave (wave -i-) to the downside has been completed and now the market is in an internal corrective cycle labeled as wave -ii-. We expect more action on sub-wave c purple to the upside to complete the zig-zag structure in that wave; then downside trend reversal is likely to be seen. The confirmation of this scenario comes with the breakout of the 1.1259 level and it must be clear, five wave impulsive wave progression. Otherwise, the corrective cycle might be more complex and time-consuming.

    Trading recommendations:
    Day traders should open sell orders from the current price level with SL just above the level of 1.1361 and TP at the level of 1.1220.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

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