USD/CAD | US Dollar to Canadian Dollar Trading Analysis
The US dollar to Canadian dollar is trading at 1.3928 and keeps moving within the correction. The pair is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend for the currency pair.
USD/CAD, 30 min
Pivot: 1.3865
Analysis:
Provided that the currency pair is traded below 1.3915, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 1.3865
Take Profit 1: 1.3850
Take Profit 2: 1.3820
Alternative scenario:
In case of breakout of the level 1. 3915, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 1. 3915
Take Profit 1: 1.3960
Take Profit 2: 1.4000
Comment:
RSI shows descending momentum.
Key levels:
Resistance
Support
1.4000
1.3850
1.3960
1.3820
1.3915
1.3800
USD/CAD, D1
Pivot: 1.4108
Analysis:
While the price is below 1.3915, follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1.3865
Take Profit 1: 1.3620
Take Profit 2: 1.3435
Alternative scenario:
If the level 1.3915 is broken-out, follow the recommendations below.
Time frame: D1
Recommendation: long position
Entry point: 1.3915
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 0.6520 with 0.6590 and 0.6615 as Take Profit targets. Alternative scenario - if the level of 0.6520 is broken-down, you should consider selling with the targets 0.6500 and 0.6480 as Take Profit. GBP/USD - long positions above 1.2420 with 1.2515 and 1.2545 targets as Take Profit. Alternative scenario - if the level of 1.2420 is broken-down, sell with the targets 1.2390 and 1.2360 as Take Profit. EUR/USD - sell below 1.0885 with 1.0840 and 1.0815 targets as Take Profit. Alternative scenario - if the level 1.0885 is broken-out, buy with the TP 1.0905 and 1.0920.
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