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USD/CAD: technical analysis 11.12.19

Current trend

USD/CAD continues to consolidate in the narrow side channel with the borders 1.32224-1.32485.
If the sellers manage to decline the rate below the level of 1.32224, the decline can continue to the area of 1.32141. This level can activate an upward rebound, while its breakdown would allow the fall to continue to 1.31989 support.

Alternative scenario

The pullback and pair’s sustained trading above 1.32446 resistance will give a prospect of growth to 1.32599-1.32690 resistance area. The level of 1.32751 seems a key level for the buyers. The decisive break of it is needed to indicate uptrend resumption. In this case, the buyers will aim for the level of 1.32904-1.33057.

Technical indicators

Technical indicators mostly reflect the relative calmness of the markets and sideways movement of the price.

Bollinger Bands are pointed sideways.

MACD volumes are in the negative zone and are moving along the zero line.

Stochastic is pointed downwards.

Support and resistance

Support levels: 1.32294, 1.32141, 1.31989, 1.31836.
Resistance levels: 1.32446, 1.32599, 1.32751, 1.32904.

Trading recommendations

Short positions can be opened below the level of 1.32294 with the target at around 1.31141-1.31989 and stop-loss at 1.32395.
Long positions can be opened above the level of 1.32446 with the target at around 1.32599-1.32751 and stop-loss at 1.32344.

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