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January 28, 2013

Weekly forex post – USD/CAD 28th January – 02nd February ,2013

Posted by: FreeForexSignal.com @ 03:39 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
0.9918 1.0100 0.9900 1.0056 0.0140
Weekly Support and Resistance
Resistance
Support
R3 1.0225
R2 1.0160
R1 1.0130
   
S1 1.0040
S2 0.9950
S3 0.9900

USD/CAD ended the week with gains of 1.42%, extending last week’s gains and closing above parity for the first time since November last year. The pair should rally to 1.0150- 1.0225 from current levels before any meaningful correction can be seen. usdcad weekly

Trend direction

  • Short and medium term trend- Bullish
  • Long term trend- Bearish

Recommendations

  • Long:
    • Hold on to long USD/CAD positions initiated at 1.0050 with a stop loss at 1.0010 for a profit target of 1.0150
  • Short:
    • Short USD/CAD at 1.0225 with a stop loss at 1.0275 for a profit target of 1.0150
Post ID: 3655
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