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USDCAD 17/05/2013
12:44pm

Bearish Bias – Sell at 1.0233 stop at 1.0261

“USDCAD – Although USDCAD posted morning gains levels above the daily Ichimoku Cloud were rejected for the 2nd day in succession but dip buying from this level resulted in a positive daily performance. This upward pressure has continued overnight and the previous high of 1.0218 has been broken. There is no clear indication that the rally is stalling. However, we have the 78.6% extension level at 1.0233 that ‘lines up’ with an intraday 161.8% extension level, effectively forming a bearish Gartley pattern. In view of these facts our call is a Bearish Bias – Sell at 1.0233 stop at 1.0261. The profit targets will be: 1.0200, 1.0170 and 1.0150

Resistance levels are: 1.0233-6, 1.0261 and 1.0293

... [Read more]”

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