As it was mentioned in the previous technical analysis of USD/CAD pair dated 2014.04.07, according to the formed technical signs, there was the potential for descending of price which finally happened. As it is obvious in the picture below, price during the descending has touched the Up trendline (made of 2 bottom prices) has created the inverted hammer candlestick pattern. Closing of the bullish candle after this pattern will confirm it and warns about ascending of price. In daily time frame and weekly Stoch indicator is in saturation sell area and with the next cycle warns about the ascending of price from the bottom price of 1.08358.The first warning for ascending of price is breaking of the resistance level ( or the yesterday highest price change) 1.08743.Generally according to the current situation of the price chart in daily time frame until the third point of Up trend line is preserved, the price will have the potential to ascend and pass the mentioned bottom price.
Technical Analysis of USD/CAD dated 2014.06.17
Technical Analysis of USD/CAD dated 2014.06.17