Levels for trading USD/CAD

Levels for trading USD/CAD

Trade ideas

SELL 1.3250; TP 1.3225; SL 1.3260

SELL 1.3220; TP1 1.3180; TP2 1.3145: SL 1.3235

BUY 1.3360; TP 1.3440; SL 1.3330

Last week, USD/CAD showed some resilience. Despite the previous candlestick with the long upper shadow on W1, it managed to gain, get close to the highs of the previous week and close above the 50-week MA (1.3250). All of this adds credibility to the uptrend which has been in place since the middle of July. However, the fact that the greenback failed to renew highs is worrisome. The decline below 1.3285 (Thursday’s low) will make the pair return to 1.3250 and 1.3225 (uptrend support line). If that support fails, we’ll be looking at 1.3180 and 1.3145. 

To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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Similar

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After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

EUR/CHF looks ill

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Latest news

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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