USD/CAD keeps showing a bullish mood

21 December, 2018

  • Prev Open: 1.34842
  • Open: 1.35028
  • % chg. over the last day: +0.10
  • Day's range: 1.34928 – 1.35266
  • 52 wk range:1.2248 – 1.3496

The USD/CAD keeps showing a bullish mood. The CAD is trading in a flat. Positions should be opened from the key interest levels of 1.34900 and 1.35300. Investors are waiting for the economic reports from Canada. Also, keep an eye on the oil quotes dynamics.

The Economic News Feed for 21.12.2018:

  • Basis Index for Retail Sales (CAD) – 15:30 (GMT+2:00);
  • GDP Report (CAD) – 15:30 (GMT+2:00);

The price fixed above 50 MA and 200 MA which points toward the power of the buyers.

The MACD is in the positive zone and keeps rising which points toward the growth of USD/CAD.

The Stochastic Oscillator is in the neutral zone, the %K line is higher than the %D line, which gives a signal to buy USD/CAD.

Trading recommendations

  • Support levels: 1.34900, 1.34500, 1.34150
  • Resistance levels: 1.35300, 1.35500

If the price fixes above 1.35300 expect further growth toward 1.35600-1.35800.

Alternatively, the price can fix below 1.34900 and you should expect a drop-off toward 1.34600-1.34400.

Source   Presented by JustForex
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