USD/CAD: technical analysis
29 January 2019, 11:44
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL |
| Entry Point | 1.3255 |
| Take Profit | 1.3200 |
| Stop Loss | 1.3300 |
| Key Levels | 1.3080, 1.3181, 1.3226, 1.3287, 1.3320, 1.3376, 1.3400 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3320 |
| Take Profit | 1.3370 |
| Stop Loss | 1.3290 |
| Key Levels | 1.3080, 1.3181, 1.3226, 1.3287, 1.3320, 1.3376, 1.3400 |
USD/CAD, D1
On the D1 chart, the instrument is traded in the range formed by middle and lower lines of Bollinger Bands, the price range is narrowing. MACD histogram is in the negative zone keeping a signal for the opening of short positions. Stochastic is in the neutral zone, the lines of the oscillator are pointing downwards and are moving towards the border with the oversold zone.
USD/CAD, H4
On the H4 chart, the instrument is also moving within the lateral channel; the pair is traded near the midline of Bollinger Bands. MACD histogram is in the negative zone, the signal line is crossing its body from above, forming a signal for the opening of short orders. Stochastic is near the border with the overbought zone, the oscillator lines are reversing down.
Key levels
Support levels: 1.3226, 1.3181, 1.3080.
Resistance levels: 1.3287, 1.3320, 1.3376, 1.3400.
Trading tips
According to technical indicators, short positions could be opened from the current level with the target at 1.3200 and stop loss at 1.3300.
Long positions may be opened from the level of 1.3320 with the target at 1.3370 and stop loss at 1.3290.
Implementation period: 1-3 days.
On the D1 chart, the instrument is traded in the range formed by middle and lower lines of Bollinger Bands, the price range is narrowing. MACD histogram is in the negative zone keeping a signal for the opening of short positions. Stochastic is in the neutral zone, the lines of the oscillator are pointing downwards and are moving towards the border with the oversold zone.
USD/CAD, H4
On the H4 chart, the instrument is also moving within the lateral channel; the pair is traded near the midline of Bollinger Bands. MACD histogram is in the negative zone, the signal line is crossing its body from above, forming a signal for the opening of short orders. Stochastic is near the border with the overbought zone, the oscillator lines are reversing down.
Key levels
Support levels: 1.3226, 1.3181, 1.3080.
Resistance levels: 1.3287, 1.3320, 1.3376, 1.3400.
Trading tips
According to technical indicators, short positions could be opened from the current level with the target at 1.3200 and stop loss at 1.3300.
Long positions may be opened from the level of 1.3320 with the target at 1.3370 and stop loss at 1.3290.
Implementation period: 1-3 days.
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