FX:USDCAD   U.S. Dollar/Canadian Dollar
58 0 2
Current trend

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 monetary policy 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 Monetary Policy Statement. According to forecasts, the rate will remain unchanged while commentaries by the regulator might cause high volatility on the market.

Support and resistance

The pair is testing a strong resistance at 1.3223.

On the 4-hour chart, Bollinger Bands is directed up while the price range is widening. MACD histogram is in the positive zone and its volumes are growing. Stochastic 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.

Trading tips

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.
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