Analysis for December 17th, 2012
The USD/CAD currency pair started a corrective movement from the 2/8
level. We can’t exclude a possibility that the bulls may try to test the daily Super Trend’s line. If the price rebounds from the line, the market will start moving down again. The main target is at the 0/8
At the H1 chart the bears were too weak to break the 0/8
level. A local correction may still take place during the day, but later the down-trend is expected to continue. If the market breaks the -2/8
level, the lines at the chart will be redrawn.
On Monday morning the market was opened with a gap up. The Super Trends’ lines are in the “green zone”. At the moment a local correction is taking place, but the pair is expected to continue growing up within the next several hours. The medium-term target for the bulls is at the 8/8
At the H1 chart the price is moving above the 5/8
level. At the moment a local correction is taking place, which is supported by the H1 Super Trend’s line. If the pair rebounds from the current levels, the price will start a new ascending movement towards the 8/8
In the end of the last week the Super Trends’ lines formed “bearish cross”. The sellers’ first attempt to keep the price below the 3/8
level failed. Most likely, the pair will continue falling down towards the 0/8
level during the day.
At the H1 chart the pair is consolidating; the bears are supported by the Super Trend’s line. If the market rebounds from the current levels, the price will start a new descending movement towards the target at the 0/8
RoboForex Analytical Department