USD/CAD keeps trading in a flat

13 December, 2018

  • Prev Open: 1.33892
  • Open: 1.33504
  • % chg. over the last day: -0.30
  • Day's range: 1.33436 – 1.33573
  • 52 wk range: 1.2248 – 1.3445

USD/CAD keeps trading in a flat. The technical picture is ambiguous. Positions should be opened from the local support and resistance levels 1.33300 and 1.33700. Keep an eye on the oil quotes dynamic. USD/CAD quotes have potential to descend after a long rally.

The News Feed for Canada is calm.

The indicators do not provide signals: the price is being traded between 50 MA and 200 MA.

The MACD histogram is in the negative zone which indicates a bearish mood.

The Stochastic Oscillator is in the oversold zone, the %K line is below the %D line, which points towards the decline of the USD/CAD quotes.

Trading recommendations
  • Support levels: 1.33300, 1.33000, 1.32600
  • Resistance levels: 1.33700, 1.34000, 1.34300

If the price fixes above 1.33700, USD/CAD quotes will grow toward 1.34000-1.34300.

Alternatively, if the price fixes below 1.33300, we recommend looking for market entry points to open short positions. The movement is tending to 1.33000-1.32600.

Source   Presented by JustForex
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