USD/CAD: general analysis
15 August 2018, 13:32
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY STOP |
| Entry Point | 1.3121 |
| Take Profit | 1.3171 |
| Stop Loss | 1.3090 |
| Key Levels | 1.2960, 1.2973, 1.2998, 1.3034, 1.3049, 1.3080, 1.3101, 1.3121, 1.3171, 1.3190 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.3030 |
| Take Profit | 1.2980 |
| Stop Loss | 1.3060 |
| Key Levels | 1.2960, 1.2973, 1.2998, 1.3034, 1.3049, 1.3080, 1.3101, 1.3121, 1.3171, 1.3190 |
Current trend
The Canadian dollar was the only commodity currency, which strengthened on Tuesday against the US dollar. In the absence of important macroeconomic releases, the strengthening of CAD was due to rising oil prices. Support for the Canadian currency is also provided by expectations of rates increase by the Bank of Canada this year. On the other hand, the Canadian currency, like many others, is still affected by the economic crisis in Turkey. Sharp fluctuations in oil prices do not add to the instrument’s stability.
Today, traders should pay attention to the release of data from the US on retail sales (14:30 GMT+2), and on industrial production (15:15 GMT+2). High volatility is expected on the market.
Support and resistance
On the 4-hour chart, the instrument returns to growth, the pair is traded between the middle and bottom lines of the indicator "Bollinger bands", the price range is narrowing. The MACD histogram is in the positive area, keeping a weak signal to buy.
Support levels: 1.3049, 1.3034, 1.2998, 1.2973, 1.2960.
Resistance levels: 1.3080, 1.3101, 1.3121, 1.3171, 1.3190.
Trading tips
Long positions can be opened at the level of 1.3121 with a target of 1.3171. Stop loss – 1.3090.
Short positions should be opened at the level of 1.3030 with a target of 1.2980 and a stop loss at 1.3060.
Implementation period: 1-3 days.
The Canadian dollar was the only commodity currency, which strengthened on Tuesday against the US dollar. In the absence of important macroeconomic releases, the strengthening of CAD was due to rising oil prices. Support for the Canadian currency is also provided by expectations of rates increase by the Bank of Canada this year. On the other hand, the Canadian currency, like many others, is still affected by the economic crisis in Turkey. Sharp fluctuations in oil prices do not add to the instrument’s stability.
Today, traders should pay attention to the release of data from the US on retail sales (14:30 GMT+2), and on industrial production (15:15 GMT+2). High volatility is expected on the market.
Support and resistance
On the 4-hour chart, the instrument returns to growth, the pair is traded between the middle and bottom lines of the indicator "Bollinger bands", the price range is narrowing. The MACD histogram is in the positive area, keeping a weak signal to buy.
Support levels: 1.3049, 1.3034, 1.2998, 1.2973, 1.2960.
Resistance levels: 1.3080, 1.3101, 1.3121, 1.3171, 1.3190.
Trading tips
Long positions can be opened at the level of 1.3121 with a target of 1.3171. Stop loss – 1.3090.
Short positions should be opened at the level of 1.3030 with a target of 1.2980 and a stop loss at 1.3060.
Implementation period: 1-3 days.
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