USD/CAD Signal - April 26, 2013

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By: DailyForex.com

The USDCAD pair resumes its downtrend following its double-top on its long-term downward oblique resistance. Investors can take advantage of this opportunity to take a bearish position with a stop loss placed above the moving average at 7 sessions. The first target can be set on 1.01 and will have to be confirmed by the break of the moving average at 20 sessions. In terms of technical indicators, the MACD is about to cross its signal downward which would accredit the resumption of downtrend.
Direction: Down
Entry: 1.0201
Stop-loss: 1.0310

USDCAD Signal

Maxime Parra has been trading since the age of 18, and he is now in charge of technical and fundamental analysis at BNRY.com and Tmarkets.com. Fascinated by the psychology of financial markets and technical analysis, he is also the head of the “Fédération Sud Finance” and is preparing for the Degree of the Chartered Financial Analyst (CFA) level 1 at the SKEMA Business School. Maxime favors trend following strategies by combining chartist analysis with the use of technical indicators.