USD/CAD testing the annual maximums

20 December, 2018

  • Prev Open: 1.34624
  • Open: 1.34842
  • % chg. over the last day: +0.08
  • Day's range: 1.34662 – 1.35043
  • 52 wk range: 1.2248 – 1.3506

The USD/CAD currency pair has a variety of trends. The trading instrument is testing the annual maximums. The financial market participants are waiting for the Federal Reserve meeting. You should open positions from the key support and resistance levels of 1.34600 and 1.35000. A technical correction after a long rally is highly possible.

  • You should keep an eye on the US economic reports.
  • The price fixed above 50 MA and 200 MA which points toward the power of the buyers.
  • The MACD histogram is in the positive zone but below the signal line which gives a weak signal toward purchasing USD/CAD.
  • The Stochastic Oscillator reached the oversold zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations

  • Support levels: 1.34600, 1.34150, 1.33900
  • Resistance levels: 1.35000, 1.35500
  • If the price fixes above the round 1.35000 expect further growth of the USD/CAD quotes. The movement will tend toward 1.35400-1.35600.
  • Alternatively, the price can fix below 1.34600 and you should look for market entry points to open short positions. The movement will tend toward 1.34200-1.34000.

Source   Presented by JustForex
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