fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: USD/CAD Daily Outlook Wed May 08, 2013 9:00 am | |
| USD/CAD Daily Outlook Daily Pivots: (S1) 1.0024; (P) 1.0053; (R1) 1.0071; More... Intraday bias in USD/CAD remains on the downside as fall from 1.0293 and 1.0341 extends. Note again that current development suggests that rise from 0.9633 is completed. Deeper decline could now be seen back to 61.8% retracement of 0.9633 to 1.0341 at 0.9903. On the upside, break of 1.0132 is needed to indicate short term bottoming. Otherwise, outlook will stay cautiously bearish in case of recovery. In the bigger picture, price actions from 1.0656 are viewed as a correction pattern, no change in this view. The current development raised the possibility that such consolidation is still in progress. Another fall could have just started but downside should be contained above 0.9406 and bring rebound. Meanwhile, break of 1.0341 is needed to signal upside momentum. Or, we'd expect more range trading between 0.9406/1.0341 | |
|