On the daily and 4-hour charts the indicators OsMA and Stochastic give buy signals; the price has rebounded from strong support levels of 1.3215 (zero level of Fibonacci retracement from the earlier highs of 1.4600) and 1.3300 (ЕМА200 on the daily chart).

The lows reached in the result of the last downward correction are at the level of 1.3170, which is crossed by the lower limit of the descending channel on the daily chart and the line ЕМА50 on the weekly chart.

On the weekly chart the indicators are reversing towards the long positions.

If the ascending movement develops, the current levels will be an excellent opportunity for entering into medium-term long position. Medium-term rise in the pair will be possible after consolidation of the price above the levels of 1.3470 (ЕМА144 on the daily chart), 1.3540 (Fibonacci 23.6% and upper limit of the descending channel on the daily chart).

As an alternative scenario the pair can d go down after breakdown of support level of 1.3170. However, it will be possible only if the price of crude oil Brent goes above the level of 41.50, 42.30 USD per barrel.

Support levels: 1.3300, 1.3215 and 1.3170.
Resistance levels: 1.3470, 1.3540, 1.3700 and 1.3750.

Trading tips

Buy Stop: 1.3450. Stop-Loss: 1.3390. Take-Profit: 1.3500, 1.3600 and 1.3700.
Buy Limit: 1.3250. Stop-Loss: 1.3210. Take-Profit: 1.3300, 1.3470, 1.3500, 1.3600 and 1.3700.
Sell Stop: 1.3190. Stop-Loss: 1.3230. Take-Profit: 1.3100 and 1.3040.

USD/CAD: strong support levels of 1.3170 and 1.3300

USD/CAD: strong support levels of 1.3170 and 1.3300

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