The pair continues growing amid falling oil prices that pressure the Canadian Dollar . In addition, the pair is supported by strengthening in the US Dollar due to an increased probability of tightening by the Fed before the end of the year.
Tomorrow extra attention needs to be paid to the Fed Interest Rate Decision and its Statement. According to forecasts, the rate will remain unchanged while commentaries by the regulator might cause high on the market.
Support and resistance
The pair is testing a strong resistance at 1.3223.
On the 4-hour chart, is directed up while the price range is widening. histogram is in the positive zone and its volumes are growing. is falling as it has left the overbought zone.
The indicators recommend long positions.
Support levels: 1.3182, 1.3140, 1.3099, 1.3065, 1.3021.
Resistance levels: 1.3223, 1.3240, 1.3259.
Long positions can be opened from the level of 1.3230 with the target at 1.3260 and stop-loss at 1.3205. Validity – 1-2 days.
Short positions can be opened from the level of 1.3200 with the target at 1.3140 and stop-loss at 1.3235. Validity – 1-2 days.