15.01.201517:27 Forex Analysis & Reviews: USD/CAD intraday technical levels and trading recommendations for January 15, 2015

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.

Overview:

During the past few weeks, the USD/CAD pair established a temporary consolidation zone between the price levels of 1.1560 and 1.1670 bullish breakout above which allowed bulls to reach the price levels of 1.1800, 1.1900 and recently 1.2015 where new highs have been visited.

As expected from the nearest support, the price zone of 1.1800-1.1750 provided excellent SUPPORT for the pair. LONG positions were suggested yesterday at retesting. It is running in profits now.

You should also note the newly established short-term channel being expressed since the price level of 1.1750 extended up to 1.2000 as the market looks quite overbought since bulls have pushed further above the upper limit of the long-term movement channel.

This channel pattern may indicate bearish reversal, if confirmed, with H4 bearish breakdown of the lower limit of it around price level of 1.1850-1.1870.

Otherwise, if bulls keep defending the recent INTRADAY SUPPORT around 1.1850 down to 1.1800, the market bias remains positive.

Trading recommendations:

LONG positions are suggested at retesting price zone of 1.1800-1.1750. SL should be placed slightly below price level of 1.1730.

Counter-trend risky traders can wait for a bearish breakout below 1.1850 to SELL the USD/CAD pair aiming for 1.1750 and 1.1680.

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.