fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: USD/CAD Daily Outlook Fri Jan 24, 2014 10:22 am | |
| USD/CAD Daily Outlook Daily Pivots: (S1) 1.1062; (P) 1.1118; (R1) 1.1154; More... Intraday bias in USD/CAD remains on the upside for the moment and current rally would extend to next long term retracement level at 1.1235. On the downside, break of 1.0953 minor support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat. In the bigger picture, the strong break of the long term falling trend line (1.6196 to 1.3063, now at around 1.1) indicates that rally from 2011 low of 0.9406 is the third leg of the pattern from 0.9056 low (2007 low). That is, current rise would likely extend through 50% retracement of 1.3063 to 0.9406 at 1.1235 to 61.8% retracement at 1.1666 in medium term. We'd start to look for reversal signal again above 1.1666. But before that, outlook will stay bullish as long as 1.0736 resistance tuned support holds. | |
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