Current trend
Yesterday Canadian dollar continued to strengthen against USD. The market is under the influence of interest rate increase by the Bank of Canada which caused the pair to decrease by over 200 points. US dollar failed to regain at least a part of its positions, and reserved comments by the head of FOMC Janet Yellen and the lack of "hawkish" tendencies in them did not give USD any support.
Today traders will have to pay attention to the news from the USA, namely the data on retail sales and changes in the consumer price index. By now the fall has slowed down, and slight correction has occurred, which may indicate the downward trend. In case statistical releases are positive, USD may strengthen and the pair may move giving the "bears" an opportunity to enter the market at more beneficial prices.
Support and resistance
Support levels: 1.2700, 1.2650.
Resistance levels: 1.2750, 1.2780, 1.2850, 1.2950.
Trading tips
Short positions may be opened from the current level with targets at 1.2650 and stop-loss at 1.2780. The period of implementation is 1-3 days.
Limited sales orders may be placed from the levels of 1.2780 and 1.2800 with target at 1.2700 and stop-loss at 1.2830. The period of implementation is 2-5 days.
Yesterday Canadian dollar continued to strengthen against USD. The market is under the influence of interest rate increase by the Bank of Canada which caused the pair to decrease by over 200 points. US dollar failed to regain at least a part of its positions, and reserved comments by the head of FOMC Janet Yellen and the lack of "hawkish" tendencies in them did not give USD any support.
Today traders will have to pay attention to the news from the USA, namely the data on retail sales and changes in the consumer price index. By now the fall has slowed down, and slight correction has occurred, which may indicate the downward trend. In case statistical releases are positive, USD may strengthen and the pair may move giving the "bears" an opportunity to enter the market at more beneficial prices.
Support and resistance
Support levels: 1.2700, 1.2650.
Resistance levels: 1.2750, 1.2780, 1.2850, 1.2950.
Trading tips
Short positions may be opened from the current level with targets at 1.2650 and stop-loss at 1.2780. The period of implementation is 1-3 days.
Limited sales orders may be placed from the levels of 1.2780 and 1.2800 with target at 1.2700 and stop-loss at 1.2830. The period of implementation is 2-5 days.