FX.co ★ USD/CAD technical analysis for March 21, 2013

Daily pivot point: 1.0257.

The value of 50% Fibonacci retracement levels is: Average = (Higher - Lower) / 2

Average = 1.0257

If the trend is not able to break and close above the level of 1.0257, then it will be a downside momentum, which is rather convincing and the structure of the fall does not look corrective, for that the market will indicate a bearish opportunity at 1.0257. Hence it will be a good sign to sell at this level in order to continue downward towards 1.0200 on H1.

Trading recommendations:

According to previous events, the price has still been trapped between 1.0220 and 1.0285.

• Buy above 1.0200 (a strong support has set since this week) with targets at 1.0255 and then 1.0305.
• Below 1.0317 (a strong resistance has set since last month) look for further downside with a target of 1.0200.

Strong levels:

1.02971, 1.02841, 1.0264

1.02171, 1.02301, 1.0250

Observations:

Key level is at 1.0257.
Range: 40 pips

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.