fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: USD/CAD Daily Outlook  Wed Jan 16, 2013 11:07 am | |
| USD/CAD Daily Outlook Daily Pivots: (S1) 0.9823; (P) 0.9845; (R1) 0.9857; More... With 0.9882 minor resistance intact, deeper decline is expected to be seen to 61.8% retracement of 0.9633 to 1.0056 at 0.9795. We'll see how USD/CAD respond at this level. Decisive break there will pave the way for a retest on 0.9633. Though, strong rebound from there, or break of 0.9970 resistance, will bring another high above 1.0056. Above 0.9882 will turn bias neutral back for the upside for 0.9970. In the bigger picture, price action from 1.0656 are viewed as a correction pattern, no change in this view. The main question is whether this correction is completed with three wave down to 0.9633 and recent development mixed up the outlook. In case of any decline, 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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