USD/CAD: general review

21 0
Current trend

The US dollar strengthens against the Canadian one after a sharp decline at the end of last week, caused by the release of an ambiguous report on the US labor market.

The introduction of tariffs for the import of steel and aluminum into the United States hit hard on the Canadian currency, but the unexpected decision to release Canada from these payments should have a favorable effect on the CAD rate in the near future. In addition, investors are closely watching the prospect of raising the Fed's interest rates this year, the first of which is scheduled for March.

Today, the speech of the head of the Bank of Canada Stephen Poloz (16:30 GMT+2) is scheduled, high volatility is expected on the market. One should also pay attention to the release of the data on CPI from USA (16:45 GMT+2).

Support and resistance

On H4 chart the instrument was corrected to the middle line of Bollinger Bands , the price range is narrowing. MACD histogram is in the negative zone keeping a signal for the opening of short positions.

Support levels: 1.2850, 1.2820, 1.2785, 1.2750.

Resistance levels: 1.2860, 1.2900, 1.2930, 1.2950, 1.3000.

Trading tips

Sell orders may be opened from the level of 1.2840 with the target at 1.2750 and stop-loss at 1.2870.

Long positions may be opened from the level of 1.2870 with the target at 1.2930 and stop-loss at 1.2840.

Implementation time: 1-3 days.

US Dollar vs Canadian

Buy Sell Spread
1.28712 1.28683 29


Timeframe Day's Range
Recommendations SELL STOP
Entry Point 1.2840
Take Profit 1.2750
Stop Loss 1.2870
Support levels 1.2750, 1.2785, 1.2820, 1.2850, 1.2860, 1.2900, 1.2930, 1.2950, 1.3000

Alternative scenario

Recommendations BUY STOP
Entry Point 1.2870
Take Profit 1.2930
Stop Loss 1.2840
Support levels 1.2750, 1.2785, 1.2820, 1.2850, 1.2860, 1.2900, 1.2930, 1.2950, 1.3000
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