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USD/CAD: TECHNICAL ANALYSIS 12.11.2019

Current trend

On the 4-hour chart, the instrument keeps a positive dynamic. At the moment the price has met the resistance at the level of 1.32481. Assuming the pair’s ability to cross this level, the mark of 1.32751 can be targeted if holding long positions.

Alternative scenario.
The rebound from 1.32481 and the pair’s sustained trading below 1.32300 will be a signal for downward correction formation. In this case, the decline can continue to the 1.32141-1.32076 support zone. This area will be a key zone for the sellers. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the 1.31836 support.
Technical indicators reflect the maintenance of the upward potential. Bollinger Bands are pointed upwards. MACD volumes are stabilized in the positive zone. Stochastic is in the overbought area and is pointed upwards.

Support and resistance

Support levels: 1.32300, 1.32141, 1.32076, 1.31836.
Resistance levels: 1.32481, 1.32751, 1.33057.

Trading recommendations

Long positions can be opened above the level of 1.32481 with the target at around 1.32751 and stop-loss 1.32391.
Short positions can be opened below the level of 1.32300 with the target at around 1.32141-1.32076 and stop-loss 1.32374.

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