Loonie Still Trading in the Range
The Canadian dollar has been under pressure after the recent disappointing Canadian jobs report.
On the 4-hour chart USD/CAD is staying in a range of 1.3158 - 1.3327, so our intraday bias remains neutral. On the downside, a clear break of 1.3158 will extend the decline from 1.3327 for retesting 1.3042 low. On other side, a sustainable break above 1.3327 should resume the rise form 1.3042 and target 1.3382 (Sept. high) key resistance after that.
The currency pair is trading below its H4 100 and 50 SMAs. Stochastic indicator is in oversold area on both H4 and daily charts. We prefer range trading strategy with Buy at the lower boundary of the range and Sell on the upper line with tight SLs.
On the 4-hour chart USD/CAD is staying in a range of 1.3158 - 1.3327, so our intraday bias remains neutral. On the downside, a clear break of 1.3158 will extend the decline from 1.3327 for retesting 1.3042 low. On other side, a sustainable break above 1.3327 should resume the rise form 1.3042 and target 1.3382 (Sept. high) key resistance after that.
The currency pair is trading below its H4 100 and 50 SMAs. Stochastic indicator is in oversold area on both H4 and daily charts. We prefer range trading strategy with Buy at the lower boundary of the range and Sell on the upper line with tight SLs.
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❓ If you got questions: t.me/Semkov
💰 PAID SIGNALS AND ANALYSIS: t.me/Semkov
💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade