13 Feb 2015
USD/CAD to remain bullish – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team shares the technical outlook for USD/CAD, noting that the pair remains bullish on all time-frames.
Key Quotes
“Technically the USDCAD is performing an outstanding long bullish trend initiated in June 2011, since the USD has strengthened more than 30% against the CAD.”
“The chart below shows just the last momentum, so far the strongest, coinciding with the 5th Elliot’s wave of all movement.”
“The trend shows that the pair is still bullish in all timeframes, and it is not recommended to be short while the trend-line is not clearly broken.”
“If this happen, the confirmation of the end of the mentioned trend would come with the loss of the support placed around 1.2390.”
“Over the current price, we identify 1.2650 as the next resistance.”
Key Quotes
“Technically the USDCAD is performing an outstanding long bullish trend initiated in June 2011, since the USD has strengthened more than 30% against the CAD.”
“The chart below shows just the last momentum, so far the strongest, coinciding with the 5th Elliot’s wave of all movement.”
“The trend shows that the pair is still bullish in all timeframes, and it is not recommended to be short while the trend-line is not clearly broken.”
“If this happen, the confirmation of the end of the mentioned trend would come with the loss of the support placed around 1.2390.”
“Over the current price, we identify 1.2650 as the next resistance.”