fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: USD/CAD Daily Outlook Mon Dec 10, 2012 10:50 am | |
| USD/CAD Daily Outlook Daily Pivots: (S1) 0.9868; (P) 0.9901; (R1) 0.9925; More... The break of 0.9874 support indicates that fall from 1.0056 is going to go deeper. Intraday bias remains on the downside for 61.8% retracement of 0.9633 to 1.0056 at 0.9795. Also, current development raised the odds of a new low below 0.9633 and we'll see how USD/CAD reacts after hitting 0.9795 fibo level. On the upside, break of 0.9954 minor resistance will turn bias back to the upside for retesting 1.0056. But before that, we'll now stay cautiously bearish. In the bigger picture, price action from 1.0656 are viewed as a correction pattern, no change in this view. We're still slightly favoring the case that such correction is completed with three waves down to 0.9633. But this is far from being certain and break of 1.0445 is needed to be the confirmation. Meanwhile, break of 0.9874 support will indicate that such correction is going to make another low below 0.9633 before completion. In any case, 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. | |
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