Published On: Fri, Mar 17th, 2017

USD/CAD: technical analysis

InstaForex

USD/CAD, D1

On the daily chart the pair is testing the resistance level of 1.3325. The Bollinger Bands indicator is pointed upwards; the price range is shrinking, reflecting the possibility of the change of the current trend. The MACD histogram is in the positive zone; its volumes are decreasing, keeping a sell signal. The Stochastic is ready to enter the oversold area.

USD/CAD, H4

On the 4-hour chart the pair is traded in the lower part of the Bollinger Bands indicator. The pair is reversing downwards, as the price range was slightly shrunken, which reflects the change of the current trend. The MACD histogram reached the minimal level in the negative zone, keeping a sell signal. The Stochastic is in the middle zone.

Key levels

Support levels: 1.3285, 1.3259, 1.3227, 1.3194.

Resistance levels: 1.3353, 1.3390, 1.3433, 1.3477.

Trading scenario

Open long positions at the current price with the target at 1.3380 and stop loss at 1.3310. Implementation period: 1-2 days.

Open short positions at the level of 1.3295 with the target at 1.3265 and stop loss at 1.3315. Implementation period: 1-2 days.

Forex Analysis

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>