USD/CAD technical analysis for June 13, 2013
: The market
is continuing to show signs of strength following the break at 1.0110 (green horizontal line in the chart). Additionally, USD/CAD’s resistance was broken and turned to support last month. Furthermore, the pair has already formed a strong support at the level of 1.0110. Consequently, the market indicates a bullish opportunity at the level of 1.0110 with the first target of 1.0190 and continues towards 1.0250. Otherwise, if the trend cannot break this level and closure above 1.0261, then a downside momentum is rather convincing, and the structure of the fall does not look corrective, for that the market will indicate a bearish opportunity at 1.0250. Therefore, it will be a good sign to sell at this level.
- Subsequently, according to the previous events, the price has still been trapped between 1.0214 and 1.0170. Hence, it is recommended to buy above 1.0110 with the target at 1.0190, thereafter 1.0250. On the other hand, below 1.0261 look for further downside with a target of 1.0120.
The material has been provided by InstaForex Company – www.instaforex.com