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January 21, 2013

Weekly forex post – USD/CAD 21th – 27th January ,2013

Posted by: FreeForexSignal.com @ 01:03 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
0.9839 0.9946 0.9828 0.9916 0.0070
Weekly Support and Resistance
Resistance
Support
R3 1.0150
R2 1.0025
R1 0.9950
   
S1 0.9850
S2 0.9750
S3 0.9700

USD/CAD ended the week with gains of 0.62%. The pair retraced a bit after grazing 0.9950, top end of the near- term bearish channel. The range remains between 0.9825- 0.9950 with the near-term trend being bearish and 0.9950 being a crucial resistance. Close above 0.9950- 1.0025, the pair could rally to 1.0150. Supports are placed at 0.9850 followed by 0.9700- 0.9750. usdcad chart weekly

Trend direction

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

Recommendations

  • Short:
    • Short USD/CAD at 0.9950 with a stop loss at 1.0010 for a profit target of 0.9850
  • Long:
    • Long USD/CAD at the break of 1.0050 with a stop loss at 0.9990 for a profit target of 1.0150
Post ID: 3576
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