USD/CAD: general review
23 January 2019, 10:54
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY STOP |
| Entry Point | 1.3360 |
| Take Profit | 1.3447 |
| Stop Loss | 1.3320 |
| Key Levels | 1.3181, 1.3226, 1.3287, 1.3320, 1.3359, 1.3387, 1.3487 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3285 |
| Take Profit | 1.3226 |
| Stop Loss | 1.3320 |
| Key Levels | 1.3181, 1.3226, 1.3287, 1.3320, 1.3359, 1.3387, 1.3487 |
Current trend
CAD declined yesterday against USD amid a decline in wholesale sales in Canada by 1.0% in November, which indicates a weakening of the retail sector, consumption and the economy as a whole, and also due to a decrease in the volume of manufacturing sales in November by 1.4%, which indicates a reduction in market demand.
Statistics on existing home sales, published yesterday in the USA, did not support the national currency. The indicator went down to 4.99M in December from 5.33M in the previous month (–6.4%).
Today the market is waiting for the publication of data on retail sales in Canada (15:30 GMT+2). The indicator is expected to decline by 0.6%, which may put pressure on the Canadian currency. The market is expected to be highly volatile.
Support and resistance
Resistance levels: 1.3359, 1.3387, 1.3487.
Support levels: 1.3320, 1.3287, 1.3226, 1.3181.
Trading tips
Long positions may be opened from 1.3360 with target at 1.3447. Stop loss — 1.3320.
Short positions may be opened from the level of 1.3285 with target at 1.3226 and stop loss at 1.3320.
Implementation time: 1-3 days.
CAD declined yesterday against USD amid a decline in wholesale sales in Canada by 1.0% in November, which indicates a weakening of the retail sector, consumption and the economy as a whole, and also due to a decrease in the volume of manufacturing sales in November by 1.4%, which indicates a reduction in market demand.
Statistics on existing home sales, published yesterday in the USA, did not support the national currency. The indicator went down to 4.99M in December from 5.33M in the previous month (–6.4%).
Today the market is waiting for the publication of data on retail sales in Canada (15:30 GMT+2). The indicator is expected to decline by 0.6%, which may put pressure on the Canadian currency. The market is expected to be highly volatile.
Support and resistance
Resistance levels: 1.3359, 1.3387, 1.3487.
Support levels: 1.3320, 1.3287, 1.3226, 1.3181.
Trading tips
Long positions may be opened from 1.3360 with target at 1.3447. Stop loss — 1.3320.
Short positions may be opened from the level of 1.3285 with target at 1.3226 and stop loss at 1.3320.
Implementation time: 1-3 days.
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