USD/CAD | US Dollar to Canadian Dollar Trading Analysis
USD/CAD currency pair closes the trading week near the level of 1.3924. The quotes continue moving within the correction and upward channel. The pair is traded inside the Ichimoku Kinko Hyo Cloud. This indicates a sideways trend for the US Dollar Canadian Dollar.
USD/CAD, 30 min
Pivot: 1.3911
Analysis:
Provided that the currency pair is traded below 1.3945, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 1.3911
Take Profit 1: 1.3880
Take Profit 2: 1.3845
Alternative scenario:
In case of breakout of the level 1. 3945, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 1. 3945
Take Profit 1: 1.3970
Take Profit 2: 1.4005
Comment:
RSI shows descending momentum.
Key levels:
Resistance
Support
1.4005
1.3880
1.3970
1.3845
1.3945
1.3810
USD/CAD, D1
Pivot: 1.3944
Analysis:
While the price is below 1.4130, follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1.3944
Take Profit 1: 1.3620
Take Profit 2: 1.3435
Alternative scenario:
If the level 1.4130 is broken-out, follow the recommendations below.
Time frame: D1
Recommendation: long position
Entry point: 1.4130
Take Profit 1: 1.4265
Take Profit 2: 1.4530
Comment:
RSI indicates that the downward trend is continuing.
Key levels:
Resistance
Support
1.4670
1.3850
1.4530
1.3620
1.4265
1.3435
We also advise you to pay attention to the following currency pairs for intra-day trading:
AUD/USD – buy above 0.6515 with 0.6570 and 0.6600 as Take Profit targets. Alternative scenario - if the level of 0.6515 is broken-down, you should consider selling with the targets 0.6500 and 0.6480 as Take Profit. GBP/USD - long positions above 1.2395 with 1.2455 and 1.2485 targets as Take Profit. Alternative scenario - if the level of 1.2395 is broken-down, sell with the targets 1.2375 and 1.2355 as Take Profit. EUR/USD - buy above 1.0820 with 1.0875 and 1.0895 targets as Take Profit. Alternative scenario - if the level 1.0820 is broken-down, sell with the TP 1.0790 and 1.0765.
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