USD/CAD Weekly Technical Report 13-17/5/2013

ecPulse
2013-05-13 07:38AM UTC

 

The pair is trading below 1.0140 levels keeping the affect of the bearish harmonic Bat Pattern, whereas the pattern might be deleted because the pair reached the second target at 61.8% correction around 1.0015 levels then rebounded to the upside. With the beginning of this week, trading is above Linear Regression Indicators, as Stochastic is showing a positive bias. Therefore, we might see more attempts to the upside this week while stability above 1.0140 indicates that the negative harmonic pattern’s affect is over.

 

The trading range for this week is between the key support at 1.0015 and the key resistance at 1.0310.

 

The general trend over short term basis is to the upside with steady daily closing above levels 0.9800 targeting 1.0485.

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