fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: USD/CAD Daily Outlook Tue Nov 06, 2012 10:23 am | |
| USD/CAD Daily Outlook Daily Pivots: (S1) 0.9943; (P) 0.9960; (R1) 0.9980; More. No change in USD/CAD's outlook. Intraday bias remains neural as consolidation from 1.0019 short term top continues. Deeper retreat might be seen but downside contained by 0.9888 minor support and bring another rise. Break of 1.0019 will extend the rally from 0.9633 to 61.8% retracement of 1.0455 to 0.9633 at 1.0141 next. Though, sustained break of 0.9888 will argue that rebound from 0.9633 has completed and will turn focus back to 0.9762 support instead. In the bigger picture, price action from 1.0656 are viewed as a correction pattern, no change in this view. The sustained trading above 55 days EMA serves as the first signal that such correction is finished at 0.9633. Though, it's far from being certain. Focus will stay on 1.0445 key resistance level for confirmation. Meanwhile, in case of another fall, we'd still expect any downside attempt to be contained above 0.9406 low. Eventually, we'd expect another medium term rise to 38.2% retracement of 1.3063 to 0.9406 at 1.0803. | |
|