USD/CAD: technical analysis
16 January 2019, 10:02
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.3246 |
| Take Profit | 1.3180, 1.3160, 1.3100 |
| Stop Loss | 1.3295 |
| Key Levels | 1.3100, 1.3160, 1.3180, 1.3295, 1.3355, 1.3380 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3295 |
| Take Profit | 1.3355, 1.3380 |
| Stop Loss | 1.3260 |
| Key Levels | 1.3100, 1.3160, 1.3180, 1.3295, 1.3355, 1.3380 |
USD/CAD, D1
On the daily chart, the pair is trading in the lower Bollinger band. The price remains just below the EMA14, EMA65 and above the EMA130, SMA200 that are directed up. The RSI is approaching the border of the oversold zone. The Composite is about to test from below its longer MA.
USD/CAD, H4
On the 4-hour chart, the pair is trading on the middle MA of the Bollinger Bands. The price remains below its moving averages that are directed down. The RSI is about to test from above its longer MA. The Composite is falling, having broken down its longer MA.
Key levels
Support levels: 1.3180 (local lows), 1.3160 (local lows), 1.3100 (March 2018 highs).
Resistance levels: 1.3295 (local highs), 1.3355 (local highs), 1.3380 (June 2018 highs).
Trading tips
The price has broken out its medium-term ascending trendline. The fall is likely to continue.
Short positions can be opened from current prices with targets at 1.3180, 1.3160, 1.3100 and stop-loss at 1.3295. Validity – 3-5 days.
Long positions can be opened from the level of 1.3295 with targets at 1.3355, 1.3380 and stop-loss at 1.3260. Validity – 3-5 days.
On the daily chart, the pair is trading in the lower Bollinger band. The price remains just below the EMA14, EMA65 and above the EMA130, SMA200 that are directed up. The RSI is approaching the border of the oversold zone. The Composite is about to test from below its longer MA.
USD/CAD, H4
On the 4-hour chart, the pair is trading on the middle MA of the Bollinger Bands. The price remains below its moving averages that are directed down. The RSI is about to test from above its longer MA. The Composite is falling, having broken down its longer MA.
Key levels
Support levels: 1.3180 (local lows), 1.3160 (local lows), 1.3100 (March 2018 highs).
Resistance levels: 1.3295 (local highs), 1.3355 (local highs), 1.3380 (June 2018 highs).
Trading tips
The price has broken out its medium-term ascending trendline. The fall is likely to continue.
Short positions can be opened from current prices with targets at 1.3180, 1.3160, 1.3100 and stop-loss at 1.3295. Validity – 3-5 days.
Long positions can be opened from the level of 1.3295 with targets at 1.3355, 1.3380 and stop-loss at 1.3260. Validity – 3-5 days.
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