The pair is consolidating between the red line and the blue one

January 15, 2015

USD/CAD, H4

Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, they are both horizontal. Chinkou Span line is above the price chart; current Kumo-cloud is ascending. The pair is consolidating between the red line and the blue one, which become resistance (1.1972) and support (1.1911) levels respectively.

USD/CAD, D1

On the daily chart Tenkan-sen line is also above Kijun-sen, although the red line is directed upwards, while the blue one remains horizontal. Chinkou Span line is above the price chart; current Kumo-cloud is ascending. The closest support level is Tenkan-sen line at 1.1873. One of the previous maximums of Chinkou Span line is expected to be a resistance level at 1.2050.

Key levels

Support levels: 1.1911, 1.1873.

Resistance levels: 1.1972, 1.2050.

Trading tips

Despite a correction Bullish trend is still strong. Target for the buy positions will be at 1.2050.

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