USD/CAD Weekly Technical Report 25/2-1/3/2013
ecPulse
2013-02-25 06:51AM UTC
The pair rose and is trading above 1.0355 levels indicating that the harmonic formation shown on the graph might be formed. Momentum indicators are showing overbought signals but we will ignore them unless level 1.0120 was broken. Stability above 1.0055 levels keeps the positive possibility, but as we referred earlier stability above 1.0120 levels is important to cancel any overbought affect.
The trading range for this week is between the key support at 1.0055 and the key resistance at 1.0440.
The general trend over short term basis is to the downside with steady daily closing below levels 1.0125 targeting 0.9400.
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