USD/CAD: US dollar remains under pressure

6 0
Current trend

US dollar dropped considerably against the Canadian currency during trading on Wednesday continuing the development of a corrective impulse formed yesterday. The reason for speeding up sales was yet another avoidance of risks by investors and the weakening of US currency throughout the market. The latter was also caused by continuing reduction of returns on US bonds.

During today’s morning session the pair is showing mixed trading dynamics within a quite narrow price range. Low activity is explained by the fact that US markets are closed due to Thanksgiving Day.

Today’s interesting data include a report on Canadian retail sales in September (15:30 GMT+2). Analysts expect the indicator to actively grow by 0.9% MoM after a fall by 0.3% last month. However, Canadian currency is unlikely to receive considerable support from these data.

Support and resistance

Bollinger Bands in D1 chart reverse horizontally. The price range remains fixed within a narrow range. MACD indicator is falling preserving a stable sell signal (the histogram is below the signal line). Stochastic is also directed downwards.

Resistance levels: 1.2751, 1.2800, 1.2858, 1.2915.

Support levels: 1.2700, 1.2664, 1.2597, 1.2537.

Trading tips

Long positions may be opened after the movement of the price from the level of 1.2700 as from support with targets at 1.2800, 1.2858 and stop-loss at 1.2650. The period of implementation is 2-3 days.

Breaking down the level of 1.2700 or 1.2664 may be a signal for continuing corrective sales with targets at 1.2600, 1.2580 and stop-loss at 1.2720, 1.2750. The period of implementation is 2-3 days.
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