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Thread: Technical analysis of USD/CAD By Instaforex

  1. #81
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    Default Technical analysis of USD/CAD for January 29, 2015 By Instaforex

    General overview for 29/01/2015
    The scenario has been changed a little to incorporate the latest wave development into the overall scenario, but the outlook has not changed a bit: still one more wave to the upside is missing and it looks like the market is trying to make it now. The bullish breakout above the level of 1.2340 will directly expose another weekly pivot at the level of 1.2698 to test, and this is the first target projection for wave 5 green this week. Please notice the bearish divergence is supporting the view of the last impulsive wave to the upside to come.

    Trading recommendations:
    Fake golden trend line breakout forced to close sell orders with a minimal loss. Today daytraders should consider opening buy orders from the current price levels with SL below the level of 1.2498 and TP at the level of 1.2698
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  2. #82
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    Default Technical analysis of USD/CAD for January 30, 2015 By Instaforex

    General overview for 30/01/2015
    As it was anticipated yesterday the wave progression to the upside continue,s and the price is about to hit the projected target area at the level of 1.2698. Moreover, there is still a possibility that the upward wave progression will get extended and the next projected target zone in the shape of an orange rectangle between the levels of 1.2769 - 1.2790 might get hit. Please notice the momentum is still diverging from the price and the correction to the downside is imminent

    Trading recommendations:
    Buy orders from yesterday should be still kept open as the market approaches the TP at the level of 1.2698. A target extension to the 1.2769 - 1.2709 area is still possible.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  3. #83
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    Default Technical analysis of USD/CAD for Febuary 2, 2015 By Instaforex

    General overview for 02/02/2015
    The orange rectangle projected target area for wave v black from last Friday has been hit and the market did make some sort of the correction to the downside. However, so far the corrective cycle has been really small, and there is still a chance that the extension upward will continue if the level of 1.2800 is broken. Please notice the bearish divergence between the price and the momentum oscillator is getting bigger and meaningful reversal/correction might happen any time now.

    Trading recommendations:
    Daytraders should consider opening a buy stop orders from the level of 1.2800 with SL below the level of 1.2668 and TP at the level of 1.2897. It is not a good level to open a long-term swing buy positions.
    Technical analysis of USD/CAD By Instaforex-usdcad-h1-jpg

  4. #84
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    General overview for 05/02/2015
    The bullish zone has moved a little higher and now it incorporates the intraday resistance at the level of 1.2590 as the key level. Any breakout higher above this level might mean that the recent swing high will be tested again. Please notice that the golden trend line has been tested from the bottom and despite the small breakout, the price has been rejected from higher levels for now, and it looks like the market might make another wave Y brown to the downside to complete the overall corrective cycle.

    Trading recommendations:
    Daytraders should consider opening sell orders from the current price levels with SL above the level of 1.2590 and TP at the level of 1.2474 with a possible extension to the level of 1.2351 on Friday.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  5. #85
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    General overview for 05/02/2015
    Both of the yesterday's support levels have been violated, yet the market has bounced up to the level of 134.48 so far, and currently it is trading inside the neutral zone. Only a sustained breakout above the level of 135.34 should be considered as bullish and the target level of 137.64 should be watched then. Otherwise, there is a chance that the wave (c) blue has been completed, and market might sharply reverse down. Breakout below the intraday support at the level of 132.29 opens the road to test the swing lows at the level of 130.14.

    Trading recommendations:
    Daytraders should consider opening sell orders from the current price levels with SL above the level of 135.34 and TP at the level of 132.29 with a possible extension to the level of 130.14 on Friday.
    Technical analysis of USD/CAD By Instaforex-eurjpy_h1-jpg

  6. #86
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    General overview for 06/02/2015
    After the today's mixed data for Canada the pair is still in corrective cycle and now the signs of the impulsive rebound has been noticed just yet. Any breakout below the level of 1.2348 is bearish and further wave progression to the downside in order to complete the wave Y brown should be expected. On the other hand, only an impulsive breakout above the level of 1.2590 would be considered as bullish development.

    Trading recommendations:
    Please refrain from trading and wait for more clear pattern to emerge.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  7. #87
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    General overview for 06/02/2015
    After the today's strong NFP data the pair is continuing its upward move. That is why the scenario has been slightly changed to incorporate new wave developments. Currently the corrective cycle has evolved to more complex cycle in the shape of a WXY brown. Another leg up is expected if the intraday resistance at the level of 135.33 is broken with two possible targets: the golden channel trend line around the level of 136.58 and the second target at the level of 137.63.

    Trading recommendations:
    ​Daytraders should consider opening buy orders from the current price levels with SL below the level of 134.06 and TP at the level of 136.58.
    Technical analysis of USD/CAD By Instaforex-eurjpy_h1-jpg

  8. #88
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    General overview for 09/02/2015
    The corrective cycle in the wave X brown might continue here as the shape of this cycle starts to look like a triangle pattern. To complete this pattern, the market must make two more sub-waves and then the downside breakout is expected. On the other hand, the key level to the upside is the intraday resistance at the level of 1.2593 that has been tested twice already. Any breakout higher above this level might mean the corrective cycle will be more complex and time consuming.

    Trading recommendations:
    Daytraders should consider opening sell orders from the current price levels with SL above the level of 1.2593 and open TP level for now.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  9. #89
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    General overview for 11/02/2014
    The triangle pattern has been invalidated as the market violated the upper triangle line and went straight up to hit 61% Fibonacci of the last swing retrenchment. Currently this supply zone between the levels of 1.2626 - 1.2642 is the key area for bears, as any breakout higher is very bullish. On the other hand, please notice that the overall corrective cycle is getting rather complex now and choppy trading conditions should be expected.

    Trading recommendations:
    Daytraders should consider opening sell orders from the current price levels with SL above the level of 1.2642. Any breakout above this level is bullish and the nearest target would be at the level of 1.2732.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  10. #90
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    General overview for 11/02/2014
    The important resistance level has been violated yesterday and the alternate impulsive scenario has been invalidated. The market is consolidating just under the intraday resistance at the level of 135.46 and it looks like this level will be broken sooner or later to test the weekly pivot levels. Moreover, the projected resistance is at the level of 137.63 and it corresponds to the upper boundary of the golden channel. This level might be a very likely zone for a potential reversal and downtrend continuation.

    Trading recommendations:
    Sell order from yesterday hit the SL, so currently only buy orders should be opened if the level of 135.46 is violated. TP ais t the level of 137.63, SL is below the level of 134.55.
    Technical analysis of USD/CAD By Instaforex-eurjpy_h1-jpg

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