USD/CAD | US Dollar to Canadian Dollar Trading Analysis
On the daily chart USD/CAD is traded above the major SMAs, which indicates the overall bullish bias of the pair. However, the pair is consolidating after the strong growth in March. Rising oil prices and falling USD stimulate the CAD.
USD/CAD, 30 min
Pivot: 1.4069
Analysis:
Provided that the currency pair is traded below 1.4095, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 1.4069
Take Profit 1: 1.4040
Take Profit 2: 1.3995
Alternative scenario:
In case of breakout of the level 1.4095, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 1.4095
Take Profit 1: 1.4125
Take Profit 2: 1.4155
Comment:
The upward potential is likely to be limited by the resistance at 1.4095.
Key levels:
Resistance
Support
1.4155
1.4040
1.4125
1.3995
1.4095
1.3955
USD/CAD, D1
Pivot: 1.4142
Analysis:
While the price is above 1.3830, follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 1.4142
Take Profit 1: 1.4340
Take Profit 2: 1.4670
Alternative scenario:
If the level 1.3830 is broken-down, follow the recommendations below.
Time frame: D1
Recommendation: short position
Entry point: 1.3830
Take Profit 1: 1.3560
Take Profit 2: 1.3315
Comment:
RSI shows an upward momentum.
Key levels:
Resistance
Support
1.5030
1.3830
1.4670
1.3560
1.4340
1.3315
We also advise you to pay attention to the following currency pairs for intra-day trading:
AUD/USD – sell below 0.6380 with 0.6340 and 0.6325 as Take Profit targets. Alternative scenario - if the level of 0.6380 is broken-out, you should consider buying with the targets 0.6405 and 0.6430 as Take Profit. GBP/USD - short positions below 1.2375 with 1.2330 and 1.2305 targets as Take Profit. Alternative scenario - if the level of 1.2375 is broken-out, buy with the targets 1.2415 and 1.2445 as Take Profit. EUR/USD - sell below 1.0795 with 1.0750 and 1.0730 targets as Take Profit. Alternative scenario - if the level 1.0795 is broken-out, buy with the TP 1.0815 and 1.0845.
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