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USD/CAD: review and forecast

FX:USDCAD   U.S. Dollar/Canadian Dollar
18 0 2
Current trend

At yesterday’s session, the USD/CAD             pair fell to the level of 1.2930 as mixed data from the US restricted demand for the Dollar.

The number of Building Permits fell to 1.103 million, while experts expected 1.164 million permits. However, the number of Housing Starts grew to 1.206 million, against forecasted 1.104 million.

Today key releases are due from Canada, where the Bank of Canada Interest Rate Decision and its Rate Statement are going to be published. The majority of investors do not expect the rate to be changed.

Support and resistance

On the daily chart , the price formed a pattern “engulfing” indicating a growth continuation. MACD histogram crossed its signal line, while Stochastic lines are directed up confirming a possibility of the further growth.

Support levels: 1.2930, 1.2831, 1.2720.
Resistance levels: 1.3046, 1.3100, 1.3150.

Trading tips

Long positions can be opened after the breakout of the level of 1.3050 with the target at 1.3150 and stop-loss at 1.3000.

Short positions can be opened from the level of 1.2910 with the target at 1.2840 and stop-loss at 1.2950.
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