16.09.201405:42 Forex Analysis & Reviews: Intraday trading recommendations for USD/CAD for September 16, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The pair made a double top at 1.11 (rounded). The pair has support between 1.1030-1.1026 61.8 fib level, below these, it has support at 1.1 and 1.0950 50.0 fib level. For the short term, it has support at 1.0862 and 1.0834 levels. Until the pair closes above 1.0834, use every dip to buy. In the near term the pair has support at 1.0934, the bulls need to worry only close below this. We recommend a fresh buy above 1.11 for an upside target at 1.1150, 1.20 and 1.1225 levels. The pair has a long list of supports to save the bulls.

Support 1.1026 1.0950 1.0834

Resistance 1.11 1.1150 1.1225

For an intraday basis, the pair is trading at 1.1053 level in the Pacific session. The pair has support at 1.1036 levels. The prices closed below 35DEMA and 12EMA, representing some weakness on an hourly basis. We recommend selling only below 1.1036 for a downside target at 1.30, 1.1020, 1.1, 1.0988 and 1.0950. Safe traders can sell below 1.0930.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.