Today’s Forex Guide

USD/CAD: Bearish Sentiment Exhausted?


Apr.16.2015


USD/CAD 4-hour
USD/CAD 4-hour: Reached our second bearish target of 1.2181

Suggested positioning: No positions. Wait for confirmation

Technical reasons why: The pair broke below all our previous pivot levels and bearish targets with a strong bearish sentiment triggered by a positive BOC statement and worse-than-expected US data. The RSI is heading down below the oversold area and the pair is scratching the lower band of Bollinger Indicator (BB) with the SSI also giving mixed trading bias.

Alternative Scenario: Above 1.23 look for gains towards previous support at 1.2416

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.21 1.23 1.2416

 

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