USD/CAD: technical analysis 12.06.2019
The USD/CAD pair begins today’s trading with slight bullish bias. If the current trend maintains, the next targets of buyers will be the level of 1.3305 (Murray [2/8]). Assuming the pair’s ability to cross 1.3305 level, the mark 1.3366 (Murray [3/8]) can be targeted if holding long positions. If USD/CAD cannot consolidate above the level of 1.3305 during short term period,the downward trend restoration and retest of the level 1.3244 (Murray [1/8]) are possible. This case scenario will be actual after price is set below the level of 1.3288 (the middle line of Bollinger Bands). The level of 1.3244 seem a strong support as break of which can diver market to 1.3183 (Murray [0/8]) level. The technical picture is mixed. Bollinger Bands are pointed downwards. MACD volumes are decreasing in the negative zone. Stochastic is pointed upwards.
Support and resistance
Support levels: 1.3244, 1.3183, 1.3122, 1.3061.
Resistance levels: 1.3305, 1.3366, 1.3427, 1.3488.
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.