Forex: USD/CAD staying below 1.0450

on Aug 8, 2013
Listen August Thursday 8th_: The pair’s daily candle yesterday opened at 1.0373, which also proved to be the day’s low, reached a high at 1.0444 and finally closed at 1.0420, up 0.47 on the day. That top was also a 23-day high.

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During the day the 1.0400 level was broken and the pair hit the next target of 1.0441 (16 July high), with the close below 1.0450 a temporary slowdown in the uptick. Also the pair closed below the 50 percent Fibonacci retracement level of 1.0608 to 1.0248 at 1.0428, which could bring strong support.
Today’s trading range so far, from 1.0398 to 1.0429, is still within yesterday’s range and right now the pair is making a market at 1.0415.

Since yesterday the MA200 on the 4H scale has been acting as a support and the candles have been closing above this trend indicator.
The MACD (9,12,1) has been in divergence mode on the four-hour time period since the beginning of the day, raising the prospect of a fall in the short term.
In that event, the pair’s initial target would be the first support level for today at 1.0400, followed by the 31 July low of 1.0248.
Contrariwise, the main target for the bulls would be the 5 July high of 1.0608.
Levels of resistance today: 1.0430, 1.0445 and 1.0460.
Support levels: 1.0400, 1.0380 and 1.0365.


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