USD/CAD: technical analysis 10.09.2019
The USD/CAD pair begins today’s trading with slight bullish bias on the background of upward correction. The first target of the correction is the level of 1.31836 (Murray [0/8]), which corresponds to the middle line of Bollinger Bands. There is a chance of an downward rebound. Meanwhile, the breakout of 1.31836 can accelerate the pair towards 1.32141 (Murray [1/8]). The downward trend will be restored after the price is set below the level of 1.31531 (Murray [-1/8]). In this case, the next targets of sellers will be the level of 1.31388-1.31226 (Murray [-2/8]). The technical picture is mixed. Bollinger Bands are pointed downwards. The volumes of MACD histogram are decreasing in the negative zone. Stochastic is in the overbought zone and is pointed downwards.
Support and resistance
Support levels: 1.31531, 1.31388, 1.31226.
Resistance levels: 1.31836, 1.32141, 1.32346.
Long positions can be opened above the level of 1.31836 with the target at around 1.32141 and stop-loss 1.31734.
Short positions can be opened below the level of 1.31531 with the target at around 1.31388-1.31388 and stop-loss 1.31631.