USD/CAD: review and forecast

May 18, 2015

Current trend

Last Wednesday the Canadian currency had reached five-month lows at the level of 1.1918. Following this significant decline the pair USD/CAD tried to win back losses and on the closing session on Friday the pair reached 1.2012. With the opening session this week the pair is traded in the range of 1.2025–1.2050.

Today is a public holiday in Canada and a banking day; therefore the pair will be under the influence of the American news. Today, the data on the US real estate market will become known. According to the forecast this index can trigger the rise in the USD. 

Support and resistance

From the technical point of view the daily chart is moving in the bottom band of Bollinger indicator, while the bands are narrowing. Breakdown of the middle MA will become a signal to buy. The nearest support level (1.1925) and resistance level (1.2084) will be at the bottom and middle MA of the indicator respectively.

Trading tips

In the current situation we cannot expect strong activity on the pair USD/CAD. Pending buy orders can be opened from the level of 1.2105 with the target of 1.2244.

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