FX:USDCAD   U.S. Dollar/Canadian Dollar
36 1 1
Current trend

The USD/CAD             pair started this week with a growth but then lost most of its gains. This dynamics in the pair can be explained by the lack of important macroeconomic publications in the US and fluctuation in the oil             market.
The price of oil             lost about 2 percent on Friday after data on crude supplies and the number of active oil             rigs were released. Genscape reported an increase of 26,460 barrels in the week to 15 July at Cushing delivery hub. Data from Baker Hughes             showed that the number of active oil             rigs rose by six to 357. These statistics are seen as a negative factor that might cause a shift in the supply and demand fragile balance in the oil             market.

Support and resistance

Bollinger Bands on the daily chart is moving horizontally while the price range remains narrow. MACD is trying to turn up while still keeping a sell signal. Stochastic is turning up near the border of the oversold zone.
Support levels: 1.2962, 1.2930, 1.2900, 1.2861 (local low), 1.2831 (4 July low), 1.2800, 1.2762, 1.2700 (23 June level).

Resistance levels: 1.3000, 1.3021 (local high), 1.3055, 1.3083, 1.3100, 1.3139 (11 July high).

Trading recommendations

Long positions can be opened above the level of 1.3000 (with appropriate indicators signals) with targets at 1.3100, 1.3139 and stop-loss at 1.2962, 1.2950. Validity – 2-3 days.

Short positions can be opened after the price rebounds down from the level of 1.3000 with the target at 1.2900 and stop-loss at 1.3050. Validity – 2-3 days.
Amin.Wafa
4 months ago
Just Short it
Reply
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