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December 17, 2012

Weekly forex post – USD/CAD 17th – 23rd December ,2012

Posted by: FreeForexSignal.com @ 01:53 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
0.9981 0.9888 0.9821 0.9854 -0.0028
Weekly Support and Resistance
Resistance
Support
R3 0.9980
R2 0.9940
R1 0.9880
   
S1 0.9825
S2 0.9780
S3 0.9630

USD/CAD closed the week lower by 0.28%, its second successive weekly close in the negative. The pair has closed the last four out of five weeks in the negative territory and is currently in a bearish trend with immediate support at 0.9820, followed by 0.9780

usd/cad weekly

Trend direction

  • The short, medium and long- term trend for the pair remain bearish

Recommendations

  • Short:
    • Short the pair at 0.9880 with a stop at 0.9910 for a profit target of 0.9790.
  • Long:
    • Long positions in the currency pair should be initiated ONLY at 0.9700, which is a crucial long- term support with a stop at 0.9640 for a profit target of 0.9950.
Post ID: 3152
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