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Old 10-27-2016, 08:37 AM   Nav to Top 
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Technical analysis of the currency pair USD / CAD on 27/10/2016. The daily chart

General analysis.
From the moment of opening of the market this week currency pair USD / CAD has increased for almost 200 points and now it is at the level 1.3370. In the graph we can see a clear upward movement during the entire week without any corrections. At the moment the price is approaching to an important resistance level for the Canadian dollar on the mark 1.3410 we have all the reasons to expect a Ā«reboundĀ» from it and further decrease to 1.3210.

Major currency pairs continue to decline against the US dollar and we expect such actions from the Canadian dollar also. The fact that prices are located close the important resistance levels serves us a signal for the opening a short position.

Traders should attentively follow the developments in a next few days and after receiving confirmation about the "rebound" from the level opens short deals with a medium volume.

Next few days

Today, it is too early to enter the market for sale since the peak of the upward movement was not formed yet and there is a high probability of "false breakouts". But at the same time to open long positions it is too late.

We recommend opening dealings to sell after the peaks formation at the level of 1.3410 with target points of taking profit at the mark 1.3230. Order S/L can be set up by 20-30 points higher the upward movement peak.

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