USD/CAD: technical analysis
16 July 2019, 11:19
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL STOP |
| Entry Point | 1.3037 |
| Take Profit | 1.2988 |
| Stop Loss | 1.3070 |
| Key Levels | 1.2988, 1.3018, 1.3037, 1.3073, 1.3097, 1.3112, 1.3145 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3073 |
| Take Profit | 1.3140 |
| Stop Loss | 1.3040 |
| Key Levels | 1.2988, 1.3018, 1.3037, 1.3073, 1.3097, 1.3112, 1.3145 |
USD/CAD, H4
On the 4-hour chart, the instrument trades within the sideways channel formed by the borders of Bollinger bands, the indicator cloud is narrowed. The MACD histogram is in the negative area, the sell signal weakens. Stochastic crosses the overbought zone upwards, the signal for opening long positions remains.
USD/CAD, D1
On the daily chart, the downward trend is still in force. The instrument trades between the middle line and the lower border of Bollinger bands, the indicator cloud is greatly expanded. The MACD histogram is in the negative area, keeping a strong signal to open sell orders. Stochastic is in the neutral zone on the border with the oversold zone, the signal line of the oscillator is pointed downwards.
Key levels
Resistance levels: 1.3073, 1.3097, 1.3112, 1.3145.
Support levels: 1.3037, 1.3018, 1.2988.
Trading tips
Short positions can be opened from the level of 1.3037 with the target at 1.2988 and stop loss 1.3070.
Long positions can be opened from the level of 1.3073 with the target at 1.3140. Stop loss is 1.3040.
Implementation period: 1–3 days.
On the 4-hour chart, the instrument trades within the sideways channel formed by the borders of Bollinger bands, the indicator cloud is narrowed. The MACD histogram is in the negative area, the sell signal weakens. Stochastic crosses the overbought zone upwards, the signal for opening long positions remains.
USD/CAD, D1
On the daily chart, the downward trend is still in force. The instrument trades between the middle line and the lower border of Bollinger bands, the indicator cloud is greatly expanded. The MACD histogram is in the negative area, keeping a strong signal to open sell orders. Stochastic is in the neutral zone on the border with the oversold zone, the signal line of the oscillator is pointed downwards.
Key levels
Resistance levels: 1.3073, 1.3097, 1.3112, 1.3145.
Support levels: 1.3037, 1.3018, 1.2988.
Trading tips
Short positions can be opened from the level of 1.3037 with the target at 1.2988 and stop loss 1.3070.
Long positions can be opened from the level of 1.3073 with the target at 1.3140. Stop loss is 1.3040.
Implementation period: 1–3 days.
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