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USD/CAD: technical analysis 13.01.20

Current trend

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.

Alternative scenario

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.

Technical indicators

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.

Trading recommendations

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.

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