Technical analysis of USD/CAD dated 27.02.2013
Since 14.01.2013 USDCAD had a strong Bullish trend with little reformation that shows the decision of buyers in reaching to the long term targets. This currency pair during its movement could touch the top price of 1.01318 .The price by reaching to the psychic level of 1.03000 could not pass it and retreated which the usage ability of this level can be seen in M15 time frame. According to the formed movement in the price chart , there is AB=CD harmonic pattern between the low price of 0.96320 and high price of 1.03018 with the ideal ratios of 50 to 200 and by completing the D point of this pattern there is the possibility for formation of a high price.Stoch indicator in Daily time frame is in saturation Buy area and warns the possibility of stopping of the bullish trend by the next cycle. If the candle formed a bearish shape , there will be the high price of 1.03018 . With the formation of a Doji pattern, there is a warning for formation of a Top price and changing direction in the chart but closing of the bearish candle at the end of day is necessary for attention to this signal. Generally until the Level price of 1.03018 is preserved, the price has the potential for descending and reformation.
2013.02.27