USD/CAD started to descend

2 January, 2019

  • Prev Open: 1.36380
  • Open: 1.36157
  • % chg. over the last day: -0.11
  • Day's range: 1.35691 – 1.36559
  • 52 wk range: 1.2248 – 1.3664

USD/CAD started to descend. At the moment CAD is consolidating at 1.35700-1.36200. A technical correction is highly probable. You should open positions from the key levels while keeping an eye on the oil quotes.

The Economic News Feed for 02.01.2019 is calm.

Indicators do not provide precise signals, the price fixes between 50 MA and 200 MA.

The MACD histogram started to descend, which points toward the power of the sellers.

The Stochastic Oscillator is in the neutral zone, the %K line started the cross the %D line. There are no signals at the moment.

Trading recommendations

  1. Support levels: 1.35700, 1.35250, 1.34900
  2. Resistance levels: 1.36200, 1.36600

If the price fixes below the 1.35700 expect the USD/CAD correction toward 1.35300-1.35000.

Alternatively, the quotes can grow toward 1.36600.

Possible correction of oil quotes

Several factors that put pressure on the black gold dynamics. The current technical pattern of the oil market, several trading recommendations...

GBP/USD has potential for further correction

The GBP/USD pair was keeping the local supply zone in the 1.35850-1.36300 range during the last week. It caused a correction. The US currency was supported