empty
 
 
07.12.2011 12:11 PM
USD/CAD Noughs and Crosses analysis for December 7, 2011

The pair’s upside movement ended after it had passed the resistance level 1.018. We received a false buy signal as the pair is in the downtrend.

 

At the moment the pair is declining to 1.008; in case this level is broken the downside movement will continue up to the support level 1.0.

The key support level likely to be reached by the price is 0.99 where the pair is supposed to resume upside movement.

In case the pair bounces off the support at 1.008 the upside movement will last up to the resistance level 1.020 where the price is to meet the pressure of the sellers.

It is not recommended to buy the pair as it is in a strong downtrend now.

Support levels: 1.008, 1.0, 0.99

Resistance levels: 1.020

 

This image is no longer relevant

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback