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USD/CAD: review and forecast

FX:USDCAD   U.S. Dollar/Canadian Dollar
55 0 0
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.
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