USD/CAD: technical analysis 14.10.2019
The USD/CAD pair begins today’s trading with slight bullish bias due to correction. The price is testing the resistance level of 1.32141. Breakout and pair’s sustained trading beyond this level can accelerate the pair towards 1.34446.
Pullbacks below 1.32000 could lead the price back to 1.31836 support level. This level seem tough support as break of which can diver market to 1.31705 and 1.31531 support-zone. Technical indicators mostly keep a sell signal but the upward correction is possible in the short term.
Bollinger Bands are pointed downwards. MACD histogram is in the negative zone keeping a signal for the opening of sell positions. Stochastic has left the oversold area and is pointed upwards, reflecting the high possibility of the upward movement formation.
Support and resistance
Support levels: 1.31836, 1.31531, 1.32226.
Resistance levels: 1.32141, 1.32446, 1.32751.
Short positions can be opened below the level of 1.31836 with the target at around 1.31531 and stop-loss 1.31936.
Long positions can be opened above the level of 1.32141 with the target at around 1.32446 and stop-loss 1.32041.