Outlook: USDCAD Intraday bias in USD/CAD remains on the downside for the moment and deeper decline would be seen to 1.0245 support. Break will be a strong signal of trend reversal and could pave the way back to parity. On the upside, above 1.0418 minor resistance will turn bias neutral first. In the bigger picture, price actions from 0.9406 are viewed as a consolidation pattern with rise from 0.9633 as the third leg. There is no confirmation of reversal yet and such rally might extend through 1.0656. But based on current momentum, even in that case, strong resistance should be seem at 38.2% retracement of 1.3063 to 0.9406 at 1.0806. to limit upside. Meanwhile, sustained break of 1.0245 will turn outlook bearish for 0.9633 and raise the chance of a new low below 0.9406. #iktrust #forex #signal #fx
Posted on: Wed, 11 Sep 2013 04:04:02 +0000
Trending Topics
Recently Viewed Topics
© 2015