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December 24, 2012

Weekly forex post – USD/CAD 24th – 30th December ,2012

Posted by: FreeForexSignal.com @ 03:46 GMT Category: USD/CAD,Weekly Forex

Technical view – USD/CAD

USD/CAD this week

SPOT USD/CAD Previous week OHLC
Open High Low Close Change
0.9865 0.9953 0.9827 0.9930 0.0076
Weekly Support and Resistance
Resistance
Support
R3 1.0140
R2 1.0060
R1 0.9960
   
S1 0.9880
S2 0.9840
S3 0.9775

USD/CAD closed the week in the green, up by 0.77%. The pair has been unable to close below the crucial support at 0.9820 and has bounced off the levels on several occasions in the recent past. Although a correction towards 0.9840- 0.9880 is not ruled out, the near- term trend looks bullish.

usdcad weekly chart

FreeForexSignal

Trend direction

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

Recommendations

  • Long:
    • Initiate long positions if the pair closes above 0.9960 or at the break of 1.0010 with a stop at 0.9940 for a profit target of 1.0125
    • Long also at 0.9850 with a stop at 0.9800 for a profit target of 1.0050
  • Long:
Post ID: 3258
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