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Thread: Technical analysis of USD/CAD By Instaforex

  1. #51
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    Default Technical analysis of USD/CAD for November 20, 2014 By Instaforex

    General outlook for 20/11/2014
    The corrective cycle is still in progress but there are first clues that the downtrend might resume soon to complete the remaining waves in the downward cycle. Only a clear breakout above the level of 1.1394 would invalidate the current bearish outlook and put the recent swing highs into the test.

    Trading recommendations:
    Day traders should keep the opened sell orders with SL just above the level of 1.1394 and TP at the level of 1.1220.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  2. #52
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    Default Technical analysis of USD/CAD for November 21, 2014 By Instaforex

    General overview for 21/11/2014 07:30 CET
    The corrective cycle looks like it has been completed and if the count is correct the market should be ready to continue to the downside. Currently, the market consolidates around the weekly pivot at the level of 1.1313. If the intraday resistance at the level of 1.1367 is not violated, the odds favor the downside here. If the intraday support at the level of 1.1259 will not hold, then the next support comes at the level of 1.1224, so quite close to the anticipated technical support level and invalidation line at the level of 1.1220.

    Trading recommendations:
    Day traders should still keep the running sell orders with SL just above the level of 1.1394 and TP at the level of 1.1220. If you want to lock some partial profits, then please move the SL just above the level of 1.1315.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  3. #53
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    Default Technical analysis of USD/CAD for November 27, 2014 By Instaforex

    General overview for 27/11/2014
    The wave progression is getting more and more consolidated as there is no new low made so far below the level of 1.1190. The price have been making recently a lot of a false breakouts to the upside. That is why my bias is still to the downside as long as the price is trading inside the corrective golden channel. Only a sustained breakout above the level of 1.1368 would change the outlook for more bullish one.

    Trading recommendations:
    Yesterday's classical breakout trade using sell stop order from the level of 1.1230 should be still kept open. SL above the level of 1.1276 and TP at the level of 1.1190.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  4. #54

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    The pair seems to be on a positive side few days back but now it has take a pull back and it might continue to go that way.

  5. #55
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    Default Technical analysis of USD/CAD for November 28, 2014 By Instaforex

    General overview for 28/11/2014
    The level of 1.1368 has been violated and that means the ending diagonal idea is now invalidated. Currently, the main count has been invalidated as well and the alternative count is in play right now. This count indicates more impulsive wave development to the upside as the market broken out from the golden corrective channel. The first major target area is the supply zone between the levels of 1.1445 - 1.1465, but more advanced impulsive structure that is being expected is the zone is broken.

    Trading recommendations:
    Traders should consider buying the dips as the market has finally broke out of the corrective channel. All SL should be placed below the level of 1.1224.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  6. #56
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    Default Technical analysis of USD/CAD for December 1, 2014

    General overview for 01/12/2104
    The impulsive wave progression to the upside has not been completed yet. There is at least one more wave to the upside to be made unless the extension happens. The most important support is the technical support at the level of 1.1367, just below the weekly pivot at the level of 1.1379. Currently, the market is in a corrective cycle (sub-wave iv black) and when this cycle is completed the uptrend should resume

    Trading recommendations:
    Traders should consider buying the dips as the market has to complete one more wave to the upside. All SL should be placed below the level of 1.1376.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  7. #57
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    Default Technical analysis of USD/CAD for December 3, 2014 By Instaforex

    General Overview for 03/12/2014
    The yesterday's sharp reversal in this pair might suggest that the alternate count seems to be more likely than the main one, but to completely invalidate the main count the market must break above the level of 1.1453. Until then, the downside wave might be still a part of some larger corrective cycle, for example a part of a triple three complex correction as per current labeling on chart. The intraday resistance at the level of 1.1423 it the key level for bulls now, as break above it will directly expose the recent swing high at the level of 1.1453 to test.

    Trading recommendations:
    Not much has changed here, the uptrend is still not intact and traders still should consider buying the dips as the market has to complete more waves to the upside. All SL should be placed below the level of 1.1295.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  8. #58
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    Default Technical analysis of USD/CAD for December 5, 2014 By Instaforex

    General overview for 05/12/2014
    The complex and time-consuming corrective cycle continues to unfold, making rather limited progression so far. This pair is range bounded and next breakout might be crucial for providing more clues about possible further price movement. Nevertheless, the bias is still to the upside in the near and mid - term, even intraday. Any breakout above the intraday resistance at the level of 1.1422 is bullish and the market should try to break out even higher to test the recent swing high at the level of 1.1454.

    Trading recommendations:
    The day traders should wait for the range breakout to trade this market in the proper direction. Please remember that the uptrend is still intact and swing traders still should consider buying the dips as the market has to complete more waves to the upside.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  9. #59
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    Default Technical analysis of USD/CAD for December 8, 2014 By Instaforex

    Technical summary:
    The main count has been invalidated due to wave one and wave two overlaps. Now, the alternative count is being followed. In this count, the bottom for wave (ii) green has been established at the level of 1.1311 and since then the price has been trying to make impulsive progression to the upside. The key level of the supply zone has just been hit and now more upside prices should be seen soon, with the first target at the level of 1.1519.


    Trading recommendation:
    The day traders should wait for the range breakout to trade this market in the upward direction from the level of 1.1474. Please remember that the uptrend is still intact and swing traders still should consider buying the dips as the market has to complete more waves to the upside. The SL orders should be placed below the level of 1.1338.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  10. #60
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    Default Technical analysis of USD/CAD for December 10, 2014 By Instaforex

    General overview for 10/12/2014
    The black impulsive count has been invalidated due to wave one and wave four overlaps, but there is still a possibility of a leading diagonal in wave 1 black as long as the level of 1.1339 is not violated. The most important level for further impulsive wave progression is the intraday resistance at the level of 1.1460 and only a clear breakout higher above this level puts bulls back to control. Otherwise, the market might fall even deeper and the alternative count, labeled as alt: (a), (b) blue so far will be in play then.

    Trading recommendations:
    The SL from yesterday's buy trades has been hit and currently there is no active open orders. Please remember that the uptrend is still intact and swing traders still should consider buying the dips as the market has to complete more waves to the upside. Only a sustained breakout below the level of 1.1189 invalidates the mid-term bullish outlook.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

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