USD/CAD: review and forecast

FX:USDCAD   Dolar U.S/Dolar Kanada
Dilihat 60 kali
60 0
Current trend

Yesterday the pair significantly grew amid some decline in oil prices and the strengthening US Dollar .
Today extra attention needs to be paid to the Bank of Canada Interest Rate Decision and the regulator’s Rate Statement. According to forecasts, the rate will remain unchanged at the current 0.5%. High volatility is expected on the market during the news releases.

Support and resistance

The pair is trading near the strong resistance level at 1.3470 that the price has tested three times since the beginning of the month.
The likeliest scenario seems a price rebound from the level of 1.3470 that coincides with the upper MA of Bollinger Bands on the 4-hour chart, and its further fall towards the middle MA of the indicator at the level of 1.3364.

Support levels: 1.3364, 1.3260.
Resistance levels: 1.3470, 1.3585.

Trading tips

Pending sell orders can be placed at the level of 1.3470 with the target at 1.3364 and stop-loss at 1.3495.
Pending buy orders can be placed at the level of 1.3495 with the target at 1.3585 and stop-loss at 1.3470.
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