USD/CAD: technical analysis
12 June 2019, 10:30
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL LIMIT |
| Entry Point | 1.3355 |
| Take Profit | 1.3260, 1.3235, 1.3180 |
| Stop Loss | 1.3410 |
| Key Levels | 1.3180, 1.3235, 1.3260, 1.3355, 1.3410, 1.3520 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3410 |
| Take Profit | 1.3520 |
| Stop Loss | 1.3355 |
| Key Levels | 1.3180, 1.3235, 1.3260, 1.3355, 1.3410, 1.3520 |
USD/CAD, H4
On the 4-hour chart, the pair is trading on the middle MA of the Bollinger Bands. The price remains below the EMA65, EMA130 and SMA200 that are directed down. The RSI is growing, having left the oversold zone. The Composite is approaching its strong resistance.
USD/CAD, D1
On the daily chart, the pair is trading on the lower line of the Bollinger Bands. The price remains on the level with the SMA200 and below the EMA14, EMA65 and EMA130 that start turning down. The RSI is testing the border of the oversold zone. The Composite is approaching its strong support.
Key levels
Support levels: 1.3260 (local lows), 1.3235 (local lows), 1.3180 (August 2018 highs).
Resistance levels: 1.3355 (local highs), 1.3410 (local highs), 1.3520 (April highs).
Trading tips
The price has broken down its ascending trendline. After a short-term correction, the fall is likely to continue.
Pending sell orders can be placed at the level of 1.3355 with targets at 1.3260, 1.3235, 1.3180 and stop-loss at 1.3410. Validity – 3-5 days.
Long positions can be opened from the level of 1.3410 with the target at 1.3520 and stop-loss at 1.3355. Validity – 3-5 days.
On the 4-hour chart, the pair is trading on the middle MA of the Bollinger Bands. The price remains below the EMA65, EMA130 and SMA200 that are directed down. The RSI is growing, having left the oversold zone. The Composite is approaching its strong resistance.
USD/CAD, D1
On the daily chart, the pair is trading on the lower line of the Bollinger Bands. The price remains on the level with the SMA200 and below the EMA14, EMA65 and EMA130 that start turning down. The RSI is testing the border of the oversold zone. The Composite is approaching its strong support.
Key levels
Support levels: 1.3260 (local lows), 1.3235 (local lows), 1.3180 (August 2018 highs).
Resistance levels: 1.3355 (local highs), 1.3410 (local highs), 1.3520 (April highs).
Trading tips
The price has broken down its ascending trendline. After a short-term correction, the fall is likely to continue.
Pending sell orders can be placed at the level of 1.3355 with targets at 1.3260, 1.3235, 1.3180 and stop-loss at 1.3410. Validity – 3-5 days.
Long positions can be opened from the level of 1.3410 with the target at 1.3520 and stop-loss at 1.3355. Validity – 3-5 days.
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