USD/CAD: technical analysis
24 January 2019, 11:06
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 1.3315 |
| Take Profit | 1.3235, 1.3180 |
| Stop Loss | 1.3370 |
| Key Levels | 1.3180, 1.3235, 1.3315, 1.3385, 1.3440, 1.3535 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3440 |
| Take Profit | 1.3535 |
| Stop Loss | 1.3385 |
| Key Levels | 1.3180, 1.3235, 1.3315, 1.3385, 1.3440, 1.3535 |
USD/CAD, D1
On the daily chart, the pair is trading on the middle MA of the Bollinger Bands. The price remains above its moving averages that are directed up. The RSI is about to test from below its longer MA. The Composite is approaching its strong resistance.
USD/CAD, H4
On the 4-hour chart, the pair is trading in the upper Bollinger band. The price remains just below the SMA200 and above the EMA14, EMA65 and EMA130 that start turning up. The RSI is about to retest the border of the overbought zone, starting forming a Bearish divergence with the price. The Composite is testing from below its longer MA.
Key levels
Support levels: 1.3315 (local lows), 1.3235 (local lows), 1.3180 (local lows).
Resistance levels: 1.3385 (June 2018 highs), 1.3440 (local highs), 1.3535 (March 2017 highs).
Trading tips
There is a chance of a downward correction.
Short positions can be opened from the level of 1.3315 with targets at 1.3235, 1.3180 and stop-loss at 1.3370. Validity – 3-5 days.
Long positions can be opened from the level of 1.3440 with the target at 1.3535 and stop-loss at 1.3385. Validity – 3-5 days.
On the daily chart, the pair is trading on the middle MA of the Bollinger Bands. The price remains above its moving averages that are directed up. The RSI is about to test from below its longer MA. The Composite is approaching its strong resistance.
USD/CAD, H4
On the 4-hour chart, the pair is trading in the upper Bollinger band. The price remains just below the SMA200 and above the EMA14, EMA65 and EMA130 that start turning up. The RSI is about to retest the border of the overbought zone, starting forming a Bearish divergence with the price. The Composite is testing from below its longer MA.
Key levels
Support levels: 1.3315 (local lows), 1.3235 (local lows), 1.3180 (local lows).
Resistance levels: 1.3385 (June 2018 highs), 1.3440 (local highs), 1.3535 (March 2017 highs).
Trading tips
There is a chance of a downward correction.
Short positions can be opened from the level of 1.3315 with targets at 1.3235, 1.3180 and stop-loss at 1.3370. Validity – 3-5 days.
Long positions can be opened from the level of 1.3440 with the target at 1.3535 and stop-loss at 1.3385. Validity – 3-5 days.
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