fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: USD/CAD Daily Outlook  Mon May 20, 2013 12:00 pm | |
|  USD/CAD Daily Outlook Daily Pivots: (S1) 1.0198; (P) 1.0255; (R1) 1.0331; More... Intraday bias in USD/CAD remains on the upside for the moment. As noted before, correction from 1.0341 has completed at 1.0013 already. Break of 1.0341 will resume whole rally from 0.9633 and should target 1.0455 resistance first. Break will pave the way for a test on key resistance at 1.0656. On the downside, below 1.0218 minor support is needed to signal short term topping. Otherwise, outlook will stay cautiously bullish in case of retreat. In the bigger picture, price actions from 1.0656 are viewed as a correction pattern and current development affirmed the case that it's completed at 0.9633 already. Also, USD/CAD managed to stay above 55 weeks EMA and is taken as a sign of medium term bluishness. The rebound from 0.9406 is likely resuming for another high above 1.0656, towards 38.2% retracement of 1.3063 to 0.9406 at 1.0806. We'll stay cautiously bullish as long as 1.0013 holds.  | |
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