Daily Forex Update: USD/CAD
AutoChartist | Feb 07, 2014 04:58AM ET
USD/CAD continues to fall inside the hourly Rectangle chart pattern that was previously identified by Autochartist – as you can see from the following trade opportunity alert for this currency pair. USD/CAD is expected to fall to the target level 1.1037 (point A) in the next 10 hours. The stop-level for this forecast is set by Autochartist at 1.1122 (B). This forecast is aligned with the earlier downward reversal from the strong resistance zone lying between the resistance level 1.1200 and 50% Fibonacci Correction of the earlier monthly downward price impulse from March of 2009 (as you can see on the next chart below).
The following monthly USD/CAD chart shows the aforementioned resistance levels:
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