USDCAD Technical Analysis 2016, December: bullish to be continuing with 1.3551/1.3588 targets

USDCAD Technical Analysis 2016, December: bullish to be continuing with 1.3551/1.3588 targets

27 November 2016, 14:59
Sergey Golubev
15
103

The weekly price broke Ichimoku cloud to above for the bullish reversal in the end of October this year, and the price is on testing 1.3551 resistance level to above for the bullish trend to be continuing with 1.3588 level as the nearest bullish weekly target.

The price is located within the following support/resistance levels:

  • 1.3551/1.3588 levels located in the bullish area of the chart, and
  • 38.2% Fibo level at 1.3155 located near and below Senkou Span line in the beginning of the primary bearish trend to be started.

If W1 price breaks 1.3155 support level to below on close bar so the reversal of the weekly price movement from the primary bullish to the primary bearish market condition will be started.
If weekly price breaks 1.3551 resistance level on close bar so the primary bullish trend will be continuing with 1.3588 target to re-enter.
If not so the price will be on bullish ranging within the levels.


  • Recommendation for long: watch close D1 price to break 1.3551 for close bar for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.3155 support level on close daily bar for possible sell trade
  • Trading Summary: bullish
Resistance
Support
1.35511.3155
1.35881.3005

SUMMARY: bullish

TREND: ranging



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