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USD/JPY: the epidemiological situation in Japan is rapidly deteriorating 28 July 2022, 11:47

  USD/JPY: the epidemiological situation in Japan is rapidly deteriorating 28 July 2022, 11:47 Scenario Timeframe Weekly Reco...

Sep 20, 2017

USD/CAD: general review 20 September 2017, 13:09

 


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 1.2350
Take Profit 1.2400
Stop Loss 1.2320
Key Levels 1.2070, 1.2130, 1.2200, 1.2235, 1.2285, 1.2335, 1.2400
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2190
Take Profit 1.2130
Stop Loss 1.2220
Key Levels 1.2070, 1.2130, 1.2200, 1.2235, 1.2285, 1.2335, 1.2400
Current trend
As a result of Tuesday trading the positions of CAD against USD almost did not change. After growth in the beginning of the week the pair traded in the narrow range. During the day CAD made consolidation attempts, but the reduction of oil prices and production deliveries prevented it from finishing them. The release of mixed indicators in the US construction sector also failed to cause activity bursts.
The market is waiting for the Fed's decision on the interest rate in view of which investors started to actively purchase US assets expecting the regulator to confirm the plans of one more interest rates increase this year. Although the level of inflation failed to reach target values the regulator was expecting a considerable part of the market believes the increase of the rates in December is still possible.
On the H4 chart the instrument was corrected to the middle line of Bollinger Bands., MACD histogram is above the signal line keeping a signal for the opening of long positions.
Support and resistance
Support levels: 1.2235, 1.2200, 1.2130, 1.2070.
Resistance levels: 1.2285, 1.2335, 1.2400.

Trading tips
Buy orders may be opened from the level of 1.2350 with target at 1.2400 and stop-loss at 1.2320.
Short positions may be opened from the level of 1.2190 with target at 1.2130 and stop-loss at 1.2220.
The period of implementation is 1-3 days.

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