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February 4, 2013

Weekly forex post – USD/CAD 4th – 9th February ,2013

Posted by: FreeForexSignal.com @ 04:25 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
1.0055 1.0100 0.9953 0.9963 -0.0093
Weekly Support and Resistance
Resistance
Support
R3 1.0170
R2 1.0100
R1 0.9990
   
S1 0.9940
S2 0.9925
S3 0.9860

The greenback ended the week with losses of 0.92%, falling below parity after six sessions. The pair should hold on to 0.9920- 0.9940; bottom of the near- tem bullish channel. However, crucial support placed at 0.9860, close below which the trend remains highly bearish in favour of the USD. usdcad weekly

Trend direction

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

Recommendations

  • Long:
    • Long USD/CAD at 0.9930 with a stop loss at 0.9890 for a profit target of 0.9990
    • Long USD/CAD at 0.9860 with a stop loss at 0.9810 for a profit target of 0.9990
  • Short:
    • Short USD/CAD at 0.9810 with a stop loss at 0.9870 for a profit target of 0.9720
Post ID: 3754
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