USD/CAD: technical analysis
13 February 2019, 13:47
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.3240 |
| Take Profit | 1.3120, 1.3085, 1.3065 |
| Stop Loss | 1.3315 |
| Key Levels | 1.3065, 1.3085, 1.3120, 1.3315, 1.3380, 1.3490 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3380 |
| Take Profit | 1.3490 |
| Stop Loss | 1.3315 |
| Key Levels | 1.3065, 1.3085, 1.3120, 1.3315, 1.3380, 1.3490 |
USD/CAD, D1
On the daily chart, the pair is trading on the middle MA of the Bollinger Bands. The price remains on the level with the EMA14, EMA65 and just above the EMA130 and SMA200 that are horizontal. The RSI is turning down, having failed its longer MA. The Composite is turning down as well, having tested its most recent resistance.
USD/CAD, H4
On the 4-hour chart, the pair is correcting up from the lower line of the Bollinger Bands. The price remains just below its moving averages that start turning down. The RSI is falling, having broken down its longer MA. The Composite is growing, having tested its strong support region.
Key levels
Support levels: 1.3120 (local lows), 1.3085 (local lows), 1.3065 (local lows).
Resistance levels: 1.3315 (local highs), 1.3380 (June 2018 highs), 1.3490 (local highs).
Trading tips
After a short-term upward correction, the fall is likely to continue.
Short positions can be opened from current prices with targets at 1.3120, 1.3085, 1.3065 and stop-loss at 1.3315. Validity – 3-5 days.
Long positions can be opened from the level of 1.3380 with the target at 1.3490 and stop-loss at 1.3315. Validity – 3-5 days.
On the daily chart, the pair is trading on the middle MA of the Bollinger Bands. The price remains on the level with the EMA14, EMA65 and just above the EMA130 and SMA200 that are horizontal. The RSI is turning down, having failed its longer MA. The Composite is turning down as well, having tested its most recent resistance.
USD/CAD, H4
On the 4-hour chart, the pair is correcting up from the lower line of the Bollinger Bands. The price remains just below its moving averages that start turning down. The RSI is falling, having broken down its longer MA. The Composite is growing, having tested its strong support region.
Key levels
Support levels: 1.3120 (local lows), 1.3085 (local lows), 1.3065 (local lows).
Resistance levels: 1.3315 (local highs), 1.3380 (June 2018 highs), 1.3490 (local highs).
Trading tips
After a short-term upward correction, the fall is likely to continue.
Short positions can be opened from current prices with targets at 1.3120, 1.3085, 1.3065 and stop-loss at 1.3315. Validity – 3-5 days.
Long positions can be opened from the level of 1.3380 with the target at 1.3490 and stop-loss at 1.3315. Validity – 3-5 days.
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