USD/CAD: in upward trend
Current trend
Since the opening of the Asian session, the US Dollar has been growing. Yesterday, the US currency gained support from macroeconomic statistics that strengthened expectations of a hike in US interest rates at the upcoming Fed meeting.
US Energy Information Administration reported a rise by 0.961 billion barrels in crude oil stocks that added pressure on Canada's currency.
Amid expectations of US interest rates increase, oversupply of the world oil market and Canada's loose monetary policy, the USD/CAD pair tends to continue growing in the medium term.
Support and resistance
Though OsMA and Stochastic on the daily chart recommend short positions, they are still giving buy signals on the weekly chart. On the 4-hour chart, the indicators are turning to long positions as well.
Long positions remain valid while the price is trading above the key support level of 1.2965 (38.2% Fibonacci and EMA 144 on the daily chart).
Support levels: 1.3240, 1.3200, 1.3140, 1.3100, 1.3050, 1.2965.
Resistance levels: 1.3350, 1.3400, 1.3450.
Trading tips
Long positions can be opened at the current level or from 1.3310, 1.3290, 1.3260, 1.3230 with targets at 1.3350, 1.3390, 1.3410, 1.3450 and stop-loss at 1.3190.
Short positions can be opened from the level of 1.3180 with targets at 1.3140, 1.3090, 1.3050, 1.2965 and stop-loss at 1.3220.
Since the opening of the Asian session, the US Dollar has been growing. Yesterday, the US currency gained support from macroeconomic statistics that strengthened expectations of a hike in US interest rates at the upcoming Fed meeting.
US Energy Information Administration reported a rise by 0.961 billion barrels in crude oil stocks that added pressure on Canada's currency.
Amid expectations of US interest rates increase, oversupply of the world oil market and Canada's loose monetary policy, the USD/CAD pair tends to continue growing in the medium term.
Support and resistance
Though OsMA and Stochastic on the daily chart recommend short positions, they are still giving buy signals on the weekly chart. On the 4-hour chart, the indicators are turning to long positions as well.
Long positions remain valid while the price is trading above the key support level of 1.2965 (38.2% Fibonacci and EMA 144 on the daily chart).
Support levels: 1.3240, 1.3200, 1.3140, 1.3100, 1.3050, 1.2965.
Resistance levels: 1.3350, 1.3400, 1.3450.
Trading tips
Long positions can be opened at the current level or from 1.3310, 1.3290, 1.3260, 1.3230 with targets at 1.3350, 1.3390, 1.3410, 1.3450 and stop-loss at 1.3190.
Short positions can be opened from the level of 1.3180 with targets at 1.3140, 1.3090, 1.3050, 1.2965 and stop-loss at 1.3220.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.