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USD/CAD Intraday Losses Ahead

Last updated 2/23/2009 11:43 AM EST (GMT -5) 0 Comments - Add your comment

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FX360 Technical Analyst Staff

Technical Analyst, GFT

The USD/CAD is currently presenting an excellent selling opportunity based on attractive risk-to-reward ratio of nearly 3-to-1 to initial profit target at 1.2447 (T1). Prices have been choppy so far this morning, but based on today artificial intelligence timing/trend forecast provided by Foresight-A.I. ™ the USD/CAD is likely to break out to the downside.

Stops have been set a few pips above today's mid-morning high near 1.2520, which negates the forecasted down trend and suggests a potentially strong bullish continuation may be in progress. Profit targets have been set just above Fibonacci convergence at 1.2447 (T1) followed by 1.2422 (T2).

Again, a move above 1.2525 negates today's forecasts suggesting a potentially strong bullish continuation up to Fib resistance near 1.2565, 1.2600 may be in progress.

Daily Chart - Prices coming off top of symmetrical triangle with room down	2min Chart - Today's timing/trend forecast has been correlating well so far, and is now projecting an intraday bearish breakout

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