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USD/CAD: technical analysis 08.01.20

Current trend

Today USD/CAD price is moderately falling and is now testing the support level of 1.29814, which coincided with the middle line of Bollinger Bands. This level can activate an upward rebound, while its breakdown would allow the fall to continue to 1.29700. In case the pair manage to cross this level, the sellers will aim for the 1.29562 (two-month low) support.

Alternative scenario

The upward rebound from the middle line of Bollinger Bands and pullback above the 1.29900 will be a signal for upward movement resumption and let the price to grow to 1.30005-1.30128 resistance. Significant growth is possible after the breakout of the resistance level 1.30310, which can develop to the level of 1.30615.

Technical indicators

Technical indicators maintain a sell signal.

Bollinger Bands are pointed sideways.

MACD is in the negative zone.

Stochastic’s lines are pointed downwards, forming a sell signal.

Support and resistance

Support levels: 1.29814, 1.29700, 1.29562.
Resistance levels: 1.30005, 1.30310, 1.30615.

Trading recommendations

Short positions can be opened below the level of 1.29814 with the target at around 1.29700-1.29562 and stop-loss at 1.29898.
Long positions can be opened above the level of 1.30005 with the target at around 1.30310 and stop-loss at 1.29903.

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