USD/CAD:
Date: August 30, 2016
H4 Graph: Medium term choppy
The price tested again the support at 1,286 and started going up with strong impulse and big engulfing bar. Due to this movement broke strong resistance level at 1,3000, now made a retest of that horizontal level and started moving up again. FIB 50% level of the previous down move is broken. Possible change of tendency of the price for long. The price is also held above the 50 and 200 МА.
Alternative Scenario: If the price move below the FIB 50% and below the previous low, may cancel the bullish move.
Technical Indicator:
DEM (14) - Still not in the overbought zone
Fundamental: During Friday's speech from Janet Yellen indicated that the rate raise could come sooner than anticipated supported the USD. Also we might see correction of the price of Oil due to Iran's comment that they will not participate in any negotiations for freezing or decreasing production.
Price for Entry long around: 1,30300
SL: 1.29700
Jr. Trader - S. Fuchedzhiev
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.