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The USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20. The bears took advantage and pushed the pair towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart).
Although previous daily closure below 1.0920 took place, it didn’t take long time to get a bullish engulfing daily candlestick as a bullish reaction on the next day pushed the pair again towards 1.1000.
Later on, the price zone of 1.0875-1.0830 (extending down to 61.8% Fibonacci level and the lower limit of the ongoing movement) provided significant bullish pressure.
The market has shown a significant bullish recovery around 1.0830 (bullish engulfing daily candlestick) aiming to push higher towards 1.0910-1.0950 where the market bullish sentiment was fulfilled around 1.0930.
Bearish fixation below 1.0840 will probably expose 1.0800 then 1.0760 where the lower limit of the ongoing daily channel is located.
However, as expected, sideways consolidation zone between 1.0930-1.0830 has been trapping the pair since the bears broke-down 1.0920 handle.
Recent bullish rejection off 1.0820 has been expressed earlier today. A bullish visit towards 1.0930 (the upper limit of the ongoing congestion zone) is expected to take place.
Mohamed Samy is taking part in the “Analyst of the Year” award organized by MT5.com portal. If you like his article, please vote for him.
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Performed by Mohamed Samy, Analytical expert InstaForex Group © 2007-2014 |
USD/CAD intraday technical levels and trading recommendations for June 2, 2014
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