Daily Forex Update: USD/CAD

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Jun 9, 2013 dima7777 (0)

By: Dima Chernovolov

 

I recently subscribed to Autochartist’s latest e-mail feature and received this trade opportunity alert. Autochartist’s latest feature provides traders with a quick morning technical outlook of the markets.

 

USD/CAD recently completed the 4-hour Triangle chart pattern identified by Autochartist –as you can see from the following trade opportunity alert for this pair, which I received last Friday. The pair is expected to fall further toward the target level 1.0089 in the next 3 trading days. Autochartist set the stop-level for this forecast at 1.0381 (point A, the last connecting point of the upper resistance trendline of this Triangle). The top of this Triangle (point B) formed recently when the pair reversed down form the strong resistance level 1.0400 (which– a year ago, in June of 2012, stopped and reversed the sharp weekly upward impulse of this pair), standing close to the upper resistance trendline of the weekly Up Channel from September of 2012 and the upper weekly Bollinger Band. This downward reversal was accompanied by the clear bearish divergence visible on the weekly RSI indicator – which heightens the chances the pair will fall to target level 1.0089 in 3 trading days.

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The following weekly USD/CAD chart shows the aforementioned resistance levels:

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