USD/CAD: technical analysis 13.01.20
Today USD/CAD quotes attempted to grow, but reaching 1.30667 mark moved to a decline. The first strong support on the way down will be 1.30310 level which coincided with the middle line of Bollinger Bands. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the 1.30157-1.30005 support.
If the "bulls" manage to raise the rate above the level of 1.30615, the correction can continue to the area of 1.30747-1.30920. The area of 1.30920-1.31038 will we a key zone for the buyers in the short term period.
The technical picture is mixed.
Bollinger Bands are slightly pointed upwards.
MACD volumes are decreasing in the positive zone., forming a weak sell signal.
Stochastic is pointed downwards.
Support and resistance
Support levels: 1.30310, 1.30157, 1.30005.
Resistance levels: 1.30615, 1.30920, 1.31226.
Short positions can be opened below the level of 1.30310 with the target at around 1.30005 and stop-loss at 1.30410.
Long positions can be opened above the level of 1.30747 with the target at around 1.31038 and stop-loss at 1.30650.