Daily Forex Update: USD/CAD
AutoChartist | Mar 11, 2014 06:52AM ET
USD/CAD continues to rise after the earlier breakout of the 4-hour Down Channel 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 rise to the target level 1.1172 in the next 2 days. Autochartist set the stop-level for this forecast at 1.0954. The breakout of this Down Channel continues the preceding sharp upward impulse from the strong support zone set between the round support level 1.0900, 50% Fibonacci Correction of the earlier upward impulse from January and the lower daily Bollinger Band (as you can see on the next chart below).
The following daily USD/CAD chart shows the aforementioned support levels:
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