USD/CAD: general analysis

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Current trend

Yesterday the trading activity was low due to the celebration of the Thanksgiving Day in the USA. However, USD grew against CAD due to the negative Canadian Retail Sales data: the index decreased by 0.1%, while the experts expected the growth by 0.9%. Retail Sales ex Autos went down by 0.3%, while the growth by 1.0% was expected.

In the end of the week no significant movement of the pair is expected. Today the traders are focused on the US Markit Services PMI and Markit PMI Composite publications.

Support and resistance

On the 4-hour chart instrument is moving sideways within the channel, formed by the middle line and the lower border of Bollinger Bands . MACD histogram is in the negative zone, keeping sell signal.

Resistance levels: 1.2750, 1.2785, 1.2820, 1.2850, 1.2900.

Support levels: 1.2700, 1.2660.

Trading tips

Short positions can be opened at the current level with the target at 1.2660 and stop loss at 1.2750. Implementation period: 1–3 days.

Long positions can be opened at the level of 1.2760 with the target at 1.2820 and stop loss at 1.2730. Implementation period: 3–5 days.
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