FX.co ★ USD/CAD technical analysis for April 10, 2013

Forecast:

Long buying above 1.0070 for the short term with the first target at the level of 1.0125 then it will resume towards 1.0200 as the second target. A stop loss should be placed below the strong support at 1.0015.

Overview:

USD/CAD: History will probably repeat itself at this level again. When the trend is not able to break and close above the level of 1.0300, 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 1.0280 (it should be noted that the key level is at 1.0280). Hence it will be a good sign to sell at this level in order to continue downward towards 1.0280 on H4. Thus, according to the previous events, the price has still been trapped between 1.0225 and 1.0200. Buy above 1.0070 (a strong support has been set for three weeks) with targets at 1.0175 and then 1.0260. Below 1.0280 (a strong resistance has been set for two days) look for further downside with a target of 1.0080.

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