USD/CAD currency pair proportionally depends on quotations for oil reference marks. As black gold showed one of the most serious declines in the commodity market due to the collapse of the OPEC deal, accordingly the Canadian dollar reacted to it rising to its historical highs - 1.4660.
USD/CAD, 30 min
Pivot: 1.4100
Provided that the currency pair is traded below 1.4210, follow the recommendations below:
- The timeframe: 30 min
- Recommendation: short position
- Entry point: 1.4100
- Take Profit 1: 1.4060
- Take Profit 2: 1.4005
Alternative scenario:
In case of breakdown of the level 1.4210, follow the recommendations below:
- The timeframe: 30 min
- Recommendation: long position
- Entry point: 1.4210
- Take Profit 1: 1.4270
- Take Profit 2: 1.4330
Comment:
RSI shows descending momentum.
Key levels:
Resistance | Support |
1.4330 | 1.4060 |
1.4270 | 1.4005 |
1.4210 | 1.3920 |
USD/CAD, D1
Pivot: 1.4090
While the price is below 1.4190, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.4090
- Take Profit 1: 1.3560
- Take Profit 2: 1.3315
Alternative scenario:
If the level 1.4190 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4190
- Take Profit 1: 1.4330
- Take Profit 2: 1.4670
Comment:
On the USD/CAD daily chart there is a graphical pattern of the "Double top" trend reversal, according to which the asset should go into a medium-term phase of downtrend.
Key levels:
Resistance | Support |
1.5100 | 1.3775 |
1.4670 | 1.3560 |
1.4330 | 1.3315 |
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