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October 06, 2008

USD/CAD – US Dollar Canadian Dollar (6th Oct 2008)

Posted in: Currency, Forex, Forex Calendar, Forex Income, Forex Indicator, Forex Info, Forex News, Forex Signal, Marketiva, Marketiva Coupon

Short term (Intraday)

1,0893. USD/CAD currency pair is in an uptrend supported by 1H exponential moving averages. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H (Trend Indicator) is in a bullish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bullish pressure on USD/CAD currency pair. The uptrend should continue to gather momentum.

We could take a long position at 1,0865. We will put the stop loss below 1,0770 (-95 pips). The targets are 1,0950 (+85 pips, risk/reward 1:0.9), 1,1000 (+135 pips, risk/reward 1:1.4).

Resistances 1,0900 – 1,0950
Supports 1,0860 – 1,0730

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