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09.08.201617:03 Forex Analysis & Reviews: USD/CAD intraday technical levels and trading recommendations for August 9, 2016

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.

Exchange Rates 09.08.2016 analysis
Exchange Rates 09.08.2016 analysis

On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of significant bearish rejection was manifested during recent consolidations.

On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant bearish pressure was originated.

Bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) was needed to enhance bearish momentum in the market.

However, recent signs of bullish recovery were manifested around the price level of 1.2650 on June 9.

Daily fixation above 1.2980 (61.8% Fibonacci level) allows a quick bullish movement towards 1.3300 (50% Fibonacci Level) where price action should be watched for significant bearish rejection and a valid SELL entry.

On the other hand, daily fixation below 1.3000 will allow further bearish decline to occur towards 1.2820 and 1.2700.

Mohamed Samy
Analytical expert of InstaForex
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