The bulls managed to overcome the resistance level yesterday, but the bears did not let the quotes to move further, using every possible way to lower it again. Thus, the quotes rolled back to the lower border and formed a side channel. Nevertheless, the trend remains upward as before, because the advantage is on the side of the bulls, which is confirmed by the strength of movements and the pullbacks within the upward trend. A further increase seems likely in this instrument today.
Based on the USD / CAD chart below, several scenarios can occur:
A further increase will be achieved, provided that the quotes breakout of the upper border of the side channel around 1.3660. If they manage to consolidate above it, the chances to continue the upward trend will be high. However, bears are quite active so meeting a resistance is very likely, at which a breakdown of support in the price area of 1.3627 should not be excluded. In such a case, the bears will take a favorable position which will enable them to stop the growth and begin a pullback down.
Nevertheless, the main trend today is still upwards, so buy positions are the most favorable today. Open transactions after the quotes breakout of the support level or from the rollback.
Have a nice day everyone and successful trading!
The USDCAD currency pair is showing positive dynamics and is trading at 1.3641. Technical indicators on the 4-hour chart indicate a likely increase: Metro indicator lines are above the white line, the direction line is colored blue, the laguerre is rising above 0.75 and quotes are trading above the daily pivot. Resistance Levels: 1.3665, 1.3705. Support Levels: 1.3626, 1.3586. I consider long positions above the support level of 1.3626 with the target of 1.3665, 1.3705. An alternative scenario is relevant below the support level of 1.3626.
As can be observed from the chart, the pair is currently trading above the pivot point of 1.3636. Based on the technical indicator, the Genesis matrix already signals for purchases. The quotes of the pair are trading above the middle line of the Bollinger band indicator and the purchase signal is also supported by the stochastic oscillator which is now moving upwards. The first target of purchases will be at the level of 1.3791 and if growth continues, the next target will be at the level of 1.3938. Stop should be set below the significant pivot level.
Another possible scenario is a downward trend, that is if the price consolidates below the pivot point, which also signals to open sales with the target at the level of 1.3544 and below. Well, let's see what happens. I wish everyone success in trading and good profits ahead!
US Dollar Index stays below 97.50 ahead of key data releases.
WTI posts modest daily losses, trades below $39.
The USD/CAD pair is fluctuating in a tight range for the second straight day on Friday. After advancing to a session high of 1.3663, the pair pares its gains and was last seen trading near 1.3640, where it was virtually unchanged on a daily basis.
DXY goes into consolidation on Friday
Investors seem to be opting out to stay on the sidelines ahead of key macroeconomic data releases from the US. In its monthly report, the US Bureau of Economic Analysis (BEA) will release Personal Spending and Personal Income figures for May. Later in the day, the University of Michigan's (UoM) Consumer Sentiment Index for June (final) will be featured in the economic docket as well.
Ahead of these data releases, the US Dollar Index (DXY), which closed the previous two days in the positive territory, is posting small daily losses at 97.35.
Meanwhile, the barrel of West Texas Intermediate (WTI) seems to be having g a difficult time building on Thursday's gains amid worries over the growing number of coronavirus cases negatively impacting the demand outlook. With the WTI trading in the red below $39, the commodity-sensitive loonie struggles to gather strength the USD. Baker Hughes' weekly US Oil Rig Count data could be the last catalyst for the WTI ahead of the weekend.
Here is my analysis for this pair today based on my indicators:
As of this moment, the long-term trend is still indefinite, but the price is currently located at the level of 162 EMA. The medium-trend, on the other hand, is now trading upwards and the price is located above 34 EMA. Meanwhile, the stochastic in the parameters of 20, 3, and 8 are moving downward and is overbought. I assume that 162 EMA functions as the resistance level for the price and we may also expect a decline in the pair in the near future. If this happens, the target will be at the level of 1.3605 and upon breaking through this level, the downward trend may continue with the next target of 1.3557. Let’s see how things will unfold today. I wish everyone success in trading and good profits ahead!
Pivot, Resistance Levels and Support Levels for USD / CAD For Stop Loss and Trading Targets
Calculation For Trading:
Resistance Level (R1): 1.372
Resistance Level (R2): 1.371
Resistance Level (R3): 1.369
Pivot Point: 1.368
Support Level (S1): 1.367
Support Level (S2): 1.366
Support Level (S3): 1.364
The USDCAD currency pair is showing positive dynamics and is trading at 1.3654. Technical indicators on the 4-hour chart indicate a possible decline: the Metro indicator lines are above the white line, the direction line is blue, the laguerre is above 0.75 and quotes are trading below the daily pivot level. Resistance Levels: 1.3665, 1.3705. Support Levels: 1.3626, 1.3587. I am considering long positions above the level of 1.3665 with the target of 1.3705. An alternative scenario is relevant below the level of 1.3626.
Based on the candles formed in each chart, here are trading ideas for June 30,2020:
In the daily chart, buy the pair from 1.4667 and above, or sell from 1.3201 and below.
For more trading positions, look at the four-hour chart and place buy orders from 1.3715 and above, or sell orders from 1.3315 and below.
If you prefer quick entries, buy positions from 1.3715 and above, or sell positions from 1.3527 and below in the hourly chart. Enter the market only at the close of the hourly candle and exit by TP or SL else, profit will decrease while expenses will increase.
For buy: Stop Loss - 1.3615 Take Profit - 1.4015
For sell: Stop Loss - 1.3627 Take Profit - 1.3227
The Accelerator Oscillator also indicate possible trading positions in each chart. Green bar means buy while red bar means sell.
The USDCAD currency pair is showing positive dynamics and is trading at 1.3677. Technical indicators on the 4-hour chart indicate a likely increase: Metro indicator lines are above the white line, the direction line is colored blue, the laguerre is rising above 0.75 and quotes are trading above the daily pivot. Resistance Levels: 1.3704, 1.3747. Support Levels: 1.3665, 1.3626. I consider long positions above the support level of 1.3665 with the target of 1.3704, 1.3747. An alternative scenario is relevant below the support level of 1.3665.
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