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Friday, August 16, 2013

USD/CAD TECHNICAL ARTICLE AUGUST 16,2013




The USD/CAD has opened this week from the support and trend back is achieved its resistance of 1.03688. This consecutive uptrend has somewhat compensated the tremendous short for the past days. 

The day before yesterday has noted as downtrend and it could be retrieved on yesterday by the news releases.  As, this pair is so parity, it always shows the zigzag trend. The market has experienced the oversold on yesterday’s close. 

Thus, it provides the today’s open at the support of 1.02982. The strong belief over the moving average would obviously predict the long on this pair. 

It has already passed over the pivot and struggle to hit its resistance. But once the pair crosses the level of 1.03352 this will lead to find its resistance after gaining of 50 pips.

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