Current trend

Yesterday, USD grew against CAD. As there was lack of important macroeconomic releases, the traders were focused on Fed's Powell Speech, who noted that in the current economic conditions the probability of an interest rate increase remains quite high but did not mention any certain terms.

Today, traders should pay attention to US Initial Jobless Claims release at 14:30 (GMT+2) and Canadian Wholesale Sales publication at 14:30 (GMT+2).

Support and resistance

On the 4-hour chart, the instrument grows along the upper border of Bollinger bands. MACD is in the positive area, keeping a confident signal to open long positions.

Resistance levels: 1.3340, 1.3400.

Support levels: 1.3300, 1.3250, 1.3200, 1.3160.

Trading tips

Long positions can be opened from the current level with the target at 1.3400 and stop loss 1.3290.

Short positions can be opened from the level of 1.3250 with the target at 1.3200 and stop loss 1.3280.

Implementation period: 1–3 days.

US Dollar vs Canadian

BuySellSpread
1.326331.3260726

Scenario

TimeframeDay's Range
RecommendationsBUY
Entry Point1.3324
Take Profit1.3400
Stop Loss1.3290
Support levels1.3160, 1.3200, 1.3250, 1.3300, 1.3340, 1.3400

Alternative scenario

RecommendationsSELL STOP
Entry Point1.3250
Take Profit1.3200
Stop Loss1.3280
Support levels1.3160, 1.3200, 1.3250, 1.3300, 1.3340, 1.3400
USD/CAD: general analysis

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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