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5 Mar 2013
Forex: USD/CAD extends recovery to 1.0290
After setting a support at 1.0255 in the Asian session, the USD/CAD has trading in recovery mode with the pair breaking above the 1.0270 resistance and rising to test the 1.0290 level in the latest hour.
Currently the USD/CAD is trading at 1.0285, 0.11% above opening price action. MACD, CCI and Momentum are bullish while Stochastic is bearish in the 15-minutes timeframe. In the wider 1-hour chart, CCI and Momentum are bullish but Stochastic and MACD are neautral.
According to Fan Yang, a break above 1.0270 "suggests a gartley is indeed complete and a bullish continuation could be developing. It should be noted that the prevailing trend even before the noted upswing has been bullish. The first challenge will be at a falling trendline from 1.0341."
Next resistances are at 1.0300, 1.0310 and 1.0341. On the down side, supports are at 1.0270, 1.0255 and 1.0240.
Currently the USD/CAD is trading at 1.0285, 0.11% above opening price action. MACD, CCI and Momentum are bullish while Stochastic is bearish in the 15-minutes timeframe. In the wider 1-hour chart, CCI and Momentum are bullish but Stochastic and MACD are neautral.
According to Fan Yang, a break above 1.0270 "suggests a gartley is indeed complete and a bullish continuation could be developing. It should be noted that the prevailing trend even before the noted upswing has been bullish. The first challenge will be at a falling trendline from 1.0341."
Next resistances are at 1.0300, 1.0310 and 1.0341. On the down side, supports are at 1.0270, 1.0255 and 1.0240.