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January 14, 2013

Weekly forex post – USD/CAD 14th – 20th January ,2013

Posted by: FreeForexSignal.com @ 07:00 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
0.9865 0.9886 0.9811 0.9846 -0.0024
Weekly Support and Resistance
Resistance
Support
R3 1.0180
R2 0.9950
R1 0.9890
   
S1 0.9820
S2 0.9760
S3 0.9700

USD/CAD ended the week with losses of 0.24%. The pair was trading in a tight 75 pip range with no indication of breaking out of the 0.9820- 0.9950 range. The trend remains bearish with crucial resistances at 0.9890 and 0.9950 while crucial supports are placed at 0.9820 and 0.9760.

usdcad-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 0.9890.
    • Long USD/CAD if the pair breaks 1.0100 with a stop loss at 0.9940 for a profit target of 1.0150
  • Short:
    • Short USD/CAD if the pair breaks 0.9800 with a stop loss at 0.9840 for a profit target of 0.9725.
Post ID: 3492
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