news 6000 » Technical analysis of USD/CAD for December 4, 2015

Technical analysis of USD/CAD for December 4, 2015

USDCADH4.png

Overview:

  • According to the previous events and news, the USD/CAD pair is still moving in a ratio of 61.8% Fibonacci retracement levels (at the level of 1.3214) and 100% Fibonacci retracement (at the level of 1.3456). In particular, the USD/CAD pair is expected to form a double top at the level of 1.3456. Consequently, it will be good to sell below the level of 1.3456 with the first target at 1.3286 to test the minor support. Additionally, if the trend can break the minor support at the level of 1.3286, it might resume to 1.3214 in order to test the major support. On the other hand, the stop loss should be set above the level of 1.3500. Nevertheless, check out market volatility before investing because the sight price may have already been reached and scenarios become invalid.

Intraday technical levels:

Date:4/12/2015

Pair:USD/CAD

  • R3: 1.3510
  • R2: 1.3455
  • R1: 1.3404
  • PP: 1.3349
  • S1: 1.3298
  • S2: 1.3243
  • S3: 1.3192

The material has been provided by InstaForex Company – www.instaforex.com


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