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USD/CAD intraday technical analysis and trading recommendations for April 29, 2013
Price zone 1.0200 – 1.0235, which corresponded to a downtrend line, has been broken through obviously last week. There is a continuation of flag pattern confirmed with daily closure above 1.0210 to have final target at 1.0400. However, it is important to note that signs of lack of bullish steam existed last week which was followed by the ongoing bearish impulse.
Bearish rejection around 1.0300 was followed by multiple days of indecision within the same consolidation range 1.0225 – 1.0330 until the pair gave obvious 4H closure below 1.0250 (61.8% Fibonacci) & and 1.0200 ( 50% Fibonacci ) giving indication of a short-term bearish retracement targeting 1.0150 which is being tested now.
Retesting of the backside of the broken bearish channel around 1.0120 will probably provide a valid BUY entry with tight SL below 1.0080. TP levels should be located at 1.0200, 1.0250, 1.0280, and 1.0330.
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