Current trend
Yesterday Canadian dollar strengthened against US one due to poor Consumer Price Index and Initial Jobless Claims releases. It caused the fall of US government bonds yield and increased the negative affection on the currency. CAD was supported by the growth of oil prices by 1% and the increase of Canadian bonds yield.
Today US Retail Sales release is worth traders’ attention at 15:30 (GMT+2): the growth by only 0.4% against 0.8% in the previous month is expected. The traders are also focused on the US Consumer Price Index at 15.30 (GMT+2), the volatility is expected to be high.
Support and resistance
On the hour chart the instrument is trading within Bollinger Bands, the price range is narrowed. MACD histogram is around the zero line, its volumes are minimal.
Resistance levels: 1.2525, 1.2550, 1.2575, 1.2600.
Support levels: 1.2510, 1.2500, 1.2480, 1.2450.
Trading tips
Short positions can be opened at the current level with the target at 1.2450 and stop loss at 1.2550. Implementation period: 1–3 days.
Long positions can be opened at the level of 1.2550 with the target at 1.2600 and stop loss at 1.2515. Implementation period: 3–5 days.
US Dollar vs Canadian
Buy Sell Spread
1.2522 1.25199 21
Scenario
Timeframe Day's Range
Recommendations SELL
Entry Point 1.2515
Take Profit 1.2450
Stop Loss 1.2550
Support levels 1.2450, 1.2480, 1.2500, 1.2510, 1.2525, 1.2550, 1.2575, 1.2600
Alternative scenario
Recommendations BUY STOP
Entry Point 1.2550
Take Profit 1.2600
Stop Loss 1.2515
Support levels 1.2450, 1.2480, 1.2500, 1.2510, 1.2525, 1.2550, 1.2575, 1.2600
Yesterday Canadian dollar strengthened against US one due to poor Consumer Price Index and Initial Jobless Claims releases. It caused the fall of US government bonds yield and increased the negative affection on the currency. CAD was supported by the growth of oil prices by 1% and the increase of Canadian bonds yield.
Today US Retail Sales release is worth traders’ attention at 15:30 (GMT+2): the growth by only 0.4% against 0.8% in the previous month is expected. The traders are also focused on the US Consumer Price Index at 15.30 (GMT+2), the volatility is expected to be high.
Support and resistance
On the hour chart the instrument is trading within Bollinger Bands, the price range is narrowed. MACD histogram is around the zero line, its volumes are minimal.
Resistance levels: 1.2525, 1.2550, 1.2575, 1.2600.
Support levels: 1.2510, 1.2500, 1.2480, 1.2450.
Trading tips
Short positions can be opened at the current level with the target at 1.2450 and stop loss at 1.2550. Implementation period: 1–3 days.
Long positions can be opened at the level of 1.2550 with the target at 1.2600 and stop loss at 1.2515. Implementation period: 3–5 days.
US Dollar vs Canadian
Buy Sell Spread
1.2522 1.25199 21
Scenario
Timeframe Day's Range
Recommendations SELL
Entry Point 1.2515
Take Profit 1.2450
Stop Loss 1.2550
Support levels 1.2450, 1.2480, 1.2500, 1.2510, 1.2525, 1.2550, 1.2575, 1.2600
Alternative scenario
Recommendations BUY STOP
Entry Point 1.2550
Take Profit 1.2600
Stop Loss 1.2515
Support levels 1.2450, 1.2480, 1.2500, 1.2510, 1.2525, 1.2550, 1.2575, 1.2600