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19.02.201510:43 Forex Analysis & Reviews: USD/CAD intraday technical levels and trading recommendations for February 19, 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.
Exchange Rates 19.02.2015 analysis
Exchange Rates 19.02.2015 analysis

Overview:

The USD/CAD pair has been trending upwards within the bullish channel depicted on the WEEKLY chart.

The market looked overbought since bulls have pushed further above the upper limit of both depicted bullish channels as well as the 79.6%Fibonacci level. That is why a bearish correction that started off 1.2750 was anticipated in the previous articles.

The nearest SUPPORT level to meet the USD/CAD pair is located around 1.2300 (79.6% Fibonacci level).

Note that the USD/CAD bulls have been defending the recent INTRADAY SUPPORT around 1.2300 (broken 79.6% Fibonacci Level).

The market has not retested the newly-established DAILY SUPPORT around 1.2000.

DAILY closure below the price level of 1.2300 exposes the next DAILY SUPPORT around 1.2000 where the backside of the upper limit of the breached channel is located.

On the other hand, the bullish persistence above 1.2300 (79.6% Fibonacci level) enhances further bullish advancement towards 1.2760-1.2780 without further retesting of 1.2000.

Trading recommendations:

Wait for DAILY closure below 1.2300 for SHORTING the USD/CAD pair. TP levels should be set at 1.2250 and 1.2190. Stop Loss should be set as DAILY closure again above the ENTRY levels (1.2300).

Mohamed Samy
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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