USD/CAD | US Dollar to Canadian Dollar Trading Analysis
The USD/CAD is being traded at 1.3861 and keeps moving within the correction and descending channel. The pair is being traded below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates that the US Dollar Canadian Dollar is in a bearish trend.
USD/CAD, 30 min
Pivot: 1.3873
Analysis:
Provided that the currency pair is traded below 1.3905, follow the recommendations below:
The timeframe: 30 min
Recommendation: short position
Entry point: 1.3873
Take Profit 1: 1.3850
Take Profit 2: 1.3815
Alternative scenario:
In case of breakout of the level 1.3905, follow the recommendations below:
The timeframe: 30 min
Recommendation: long position
Entry point: 1.3905
Take Profit 1: 1.3925
Take Profit 2: 1.3955
Comment:
RSI shows descending momentum.
Key levels:
Resistance
Support
1.3955
1.3850
1.3925
1.3815
1.3905
1.3785
USD/CAD, D1
Pivot: 1.3866
Analysis:
While the price is below 1.3925, follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1.3866
Take Profit 1: 1.3775
Take Profit 2: 1.3560
Alternative scenario:
If the level 1.3925 is broken-out, follow the recommendations below.
Time frame: D1
Recommendation: long position
Entry point: 1.3925
Take Profit 1: 1.4150
Take Profit 2: 1.4340
Comment:
On the daily chart of USD/CAD the graphical figure of the trend reversal "Double top" started working out, after the break-down of the key level 1.3925, it means that the asset should fall to about 1.3560.
Key levels:
Resistance
Support
1.4670
1.3775
1.4340
1.3560
1.4150
1.3315
We also advise you to pay attention to the following currency pairs for intra-day trading:
EURUSD – buy above 1.0920 with 1.0965 and 1.0985 as Take Profit targets. Alternative scenario - if the level of 1.0920 is broken-down, you should consider selling with the targets 1.0905 and 1.0890 as Take Profit. GBP/USD - long positions above 1.2505 with 1.2590 and 1.2630 targets as Take Profit. Alternative scenario - if the level of 1.2505 is broken-down, sell with the targets 1.2590 and 1.2630 as Take Profit. EUR/GBP - buy above 0.8661 with 0.8790 and 0.8826 targets as Take Profit. Alternative scenario - if the level 0.8661 is broken-down, sell with the TP 0.8600 and 0.8564.
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