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Thread: USD/CAD Forex Analysis By Instaforex

  1. #1
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    Default USD/CAD Forex Analysis By Instaforex

    General overview foe 03/02/2015
    The yesterday's intraday support has been violated and currently it looks like a sharp downward correction is taking place. The wave a green has been made and now the second corrective wave is in progress. The market still trades inside the bullish zone, but any breakout below the today's intraday support at the level of 1.2553 is bearish and the golden trend line might be tested sooner or later as the market falls into the range zone again.

    Trading recommendations:
    ​Daytraders should consider opening a sell stop orders from the level of 1.2549 with SL above the level of 1.2648 and TP at the level of 1.2474. It is not a good level to open long-term swing buy positions.
    USD/CAD Forex Analysis By Instaforex-usdcad_h1-jpg

  2. #2

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    USDCAD pair has broken monthly High recently, and it still have a big potencial for growth. So, I guess, buy orders are actual now.

  3. #3

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    Bulls are losing their iniciative and we can see a rollback now. Wait for a strong sell signal and open short position.

  4. #4
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    Well, we can see a dramatic decline last week. To my mind, there will be an upward correction on openning.

  5. #5
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    This pair rose very strongly yesterday with real momentum, before falling quite sharply at about 1.3050, not far from the anticipated resistance at 1.3064.

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    My support level at 1.3237 has held the low of the day so far when the Asian session just reached 1.3238, within 1 pip of that level.

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    Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.3435 and 1.3457.

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    Last week I highlighted long USD/CAD as the probable best trade of the week. This was a good call as the pair continued its explosive move upward, closing the week up by 1.77%. I had forecast that if the Fed raise rates it should continue to rise strongly and this is exactly what happened.

  9. #9
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    The USD/CAD has a general down trend, but it seems to be on the way of forming quite a good support. I guess there will be an up gap at the opening of the market.


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analysis, breakout, forex, forex analysis, instaforex, intraday, level, stop, support, trading, trend, usd, usd/cad

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