Current trend
Yesterday the US Dollar was losing its positions against the Canadian Dollar. Today attention needs to be paid to macroeconomic statistics from Canada and the US. Data on Building Permits for February is released in Canada at 2:30 pm (GMT+2). A high reading can strengthen the Canadian Dollar. A low reading, on the contrary, can weaken the national currency. Later on, market participant will be following data on Consumer Credit Change for February, due in the US at 9:00 pm (GMT+2).
Support and resistance
On the 4-hour chart, Bollinger Bands is directed horizontally. The price is moving between the middle and the lower MAs of the indicator.
Support levels: 1.3000, 1.2970, 1.2910.
Resistance levels: 1.3060, 1.3110, 1.3130, 1.3470, 1.3300, 1.3370.
Trading tips
Short positions can be opened at the current levels with the target at 1.3000 and stop-loss at 1.3060.
As an alternative, place pending buy orders at the level of 1.3000 with the target at 1.3060.
Yesterday the US Dollar was losing its positions against the Canadian Dollar. Today attention needs to be paid to macroeconomic statistics from Canada and the US. Data on Building Permits for February is released in Canada at 2:30 pm (GMT+2). A high reading can strengthen the Canadian Dollar. A low reading, on the contrary, can weaken the national currency. Later on, market participant will be following data on Consumer Credit Change for February, due in the US at 9:00 pm (GMT+2).
Support and resistance
On the 4-hour chart, Bollinger Bands is directed horizontally. The price is moving between the middle and the lower MAs of the indicator.
Support levels: 1.3000, 1.2970, 1.2910.
Resistance levels: 1.3060, 1.3110, 1.3130, 1.3470, 1.3300, 1.3370.
Trading tips
Short positions can be opened at the current levels with the target at 1.3000 and stop-loss at 1.3060.
As an alternative, place pending buy orders at the level of 1.3000 with the target at 1.3060.