USD/CAD: technical analysis 11.06.2019

USD/CAD: technical analysis 11.06.2019

Current trend

On 4-hour chart, USD/CAD shows a moderate negative dynamic. The instrument is now testing the support level of 1.3259. If the current trend maintains, the next targets of sellers will be the level of 1.3244 (Murray [1/8]). The level of 1.3244 seem a key level for the sellers in short term period. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 1.3183 (Murray [0/8]). If the “bulls” manage to raise the rate above the level of 1.3280, the correction can continue to the area of 1.3305 (Murray [2/8]), that holds the gate for its rise to 1.3366 (Murray [3/8]) resistance-line. Technical indicators mostly reflect the maintenance of the downward trend. Bollinger Bands and Stochastic are pointed downwards. MACD volumes are slowly decreasing in the negative zone.

Support and resistance

Support levels: 1.3244, 1.3183, 1.3122.
Resistance levels: 1.3280, 1.3305, 1.3366.

Trading recommendations

Short positions can be opened below the level of 1.3244 with the target at around 1.3183 and stop-loss 1.3264.
Long positions can be opened above the level of 1.3305 with the target at around 1.3366 and stop-loss 1.3285.