[h=3]Pivot Point: 0.9865.[/h]
[h=3]Overview:[/h]The market will continue showing strength by going to the level 0.9700 (23.6% of Fibonacci retracement levels - Daily chart). Therefore, the USD/CAD pair's resistance was broken and turned into support nine months ago (on the 4[SUP]th[/SUP] of August, 2011), the pair has already formed a strong support at the level of 0.97. So the market indicates a bullish opportunity at level 0.9700 with 0.985 seen as first objective and continues its movement towards 0.99 and further to 1.003. However, if the trend does not manage to break through and close above the level 1.008, then a downside momentum will begin which is rather convincing. The structure of the downfall looks as non-corrective, for that the market will indicate a bearish opportunity at 1.008, hence it will be a good sign to sell at this level in order to continue downward pace towards 0.9765.
[h=3]Trading Recommendations:[/h]According to previous events, the price remains between 1.0080 and 0.9800.
[h=3]Observation (s):[/h]Please check out the market volatility before investing, as the sight price may have already been reached and scenarios invalidated.
Key level at 0.97.
History will probably be repeated at this level.
The material has been provided by Instaforex Company - instaforex.com
[h=3]Overview:[/h]The market will continue showing strength by going to the level 0.9700 (23.6% of Fibonacci retracement levels - Daily chart). Therefore, the USD/CAD pair's resistance was broken and turned into support nine months ago (on the 4[SUP]th[/SUP] of August, 2011), the pair has already formed a strong support at the level of 0.97. So the market indicates a bullish opportunity at level 0.9700 with 0.985 seen as first objective and continues its movement towards 0.99 and further to 1.003. However, if the trend does not manage to break through and close above the level 1.008, then a downside momentum will begin which is rather convincing. The structure of the downfall looks as non-corrective, for that the market will indicate a bearish opportunity at 1.008, hence it will be a good sign to sell at this level in order to continue downward pace towards 0.9765.
[h=3]Trading Recommendations:[/h]According to previous events, the price remains between 1.0080 and 0.9800.
- Buy above 0.97 with target at 0.99 then 1.003.
- Consider the downside movement below 1.0080 with target seen at the 0.976 level.
[h=3]Observation (s):[/h]Please check out the market volatility before investing, as the sight price may have already been reached and scenarios invalidated.
Key level at 0.97.
History will probably be repeated at this level.
The material has been provided by Instaforex Company - instaforex.com
