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January 7, 2013

Weekly forex post – USD/CAD 7th – 13th January ,2013

Posted by: FreeForexSignal.com @ 05:26 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
0.9964 0.9976 0.9833 0.9870 -0.0099
Weekly Support and Resistance
Resistance
Support
R3 1.0175
R2 0.9960
R1 0.9875
   
S1 0.9825
S2 0.9700
S3 0.9500

USD/CAD ended the week with losses of 0.99%. The pair failed to break the 1.0000 mark for the third week in a row and could remain in the 0.9825- 0.9950 range for some more time. Only a break and close above 0.9960 or below 0.9800 will determine the direction of the trend. For now, the near- term trend remains bullish for an immediate target of 0.9960.

usdcad weekly chart

Trend direction

  • Short term trend- Bullish; Medium and long- term trend- Bearish

Recommendations

  • Long:
    • Hold long USD/CAD positions initiated at 0.9850 with a SAR at 0.9800 for a target of 0.9950.
  • Short:
    • Short USD/CAD if the pair breaks 0.9800 with a stop loss at 0.9850 for a profit target of 0.9700.
Post ID: 3407
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