USD/CAD intraday technical analysis and trading recommendations for February 11, 2013
Last week obvious bullish reaction was expressed towards 0.9930 (few pips above 0.9920 our mentioned entry level) which led to daily closure at 0.9978 which is above 50% Fibonacci Level around 0.9955.
The USD/CAD pair is now trading above 0.9955 level (50% Fibonacci), which has provided temporary support for the pair for this week. However, bullish consolidation above 0.9990 is required for more bullish domination.
The USD/CAD pair strongly rose last week pushing steadily above psychological barrier 1.0000. The upside move has been extending towards 1.0100 and the possibility of a bullish move remains valid unless 0.9920 – 0.9960 zone is broken.
Obvious bearish price action was seen around the price level of 1.0100, which is manifested in inverted "hanging-man" daily candlestick that gave us early indications that the bullish momentum has faded away. Hence, price action around 1.0100 should be watched carefully.
Support: 1.0010, 0.9960, 0.9920, and 0.9830.
Resistance: 1.0060, 1.0100, 1.0155, 1.0205, and 1.0270.
The material has been provided by Instaforex Company – http://www.instaforex.com/