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December 10, 2012

Weekly forex post – USD/CAD 10th – 16th December ,2012

Posted by: FreeForexSignal.com @ 06:18 GMT Category: Signals,USD/CAD,Weekly Forex

Technical view – USD/CAD

USD/CAD this week

SPOT USD/CAD Previous week OHLC
Open High Low Close Change
0.9938 0.9954 0.9872 0.9882 -0.0060
Weekly Support and Resistance
Resistance
Support
R3 1.0000
R2 0.9960
R1 0.9925
   
S1 0.9870
S2 0.9820
S3 0.9680

USD/CAD closed the week lower by 0.60%. The pair closed below the crucial support at 0.9910, and is currently in a near- term bearish trend with immediate support at 0.9820.

usd/cad weekly chart

usd/cad weekly chart

Trend direction

  • The medium and long- term trend for the pair also remain bearish.

Recommendations

  • Long:
    • Exit long position initiated at 0.9910 with a stop at 0.9860 between 0.9890- 0.9900 and initiate fresh longs ONLY if the pair closes above 1.0000 or at the break of 1.0060, S/L at 0.9950, P/T- 1.0175.
  • Short:
    • Short USD/CAD on rallies up to 1.0010.
    • Short the pair at 0.9920 with a stop at 0.9970 for a profit target of 0.9830. Short the pair also at 0.9960 with a stop at 1.0010 for a profit target of 0.9830.
Post ID: 3037
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