USD/CAD: technical analysis 15.11.2019

Current trend

On the 4-hour chart, the instrument shows a negative dynamic. The price is approaching support in the region of 1.32141. The breakdown of this level will be a signal for downward trend resumption. In this case, the next targets of sellers will be the level of 1.31836, which is the key level for the short term sellers.

Alternative scenario

The rebound from 1.32141 and the pair' sustained above 1.32446 ( middle line of Bollinger Bands) will lead the price back to 1.32697 resistance. One may speak about upward movement continuation after the price consolidates above the resistance level of 1.32751. In this case, the buyers will aim for the 1.33057 resistance zone.

Technical indicators reflect the maintenance of the downward potential.
Bollinger Bands are pointed downwards.
MACD histogram has moved to a decline in positive, forming a weak sell signal.
Stochastic is in the oversold area and is pointed downwards.

Support and resistance

Support levels: 1.32141, 1.31836, 1.31531.
Resistance levels: 1.32446, 1.32751, 1.33057.

Trading recommendations

Short positions can be opened below the level of 1.32141 with the target at around 1.31836 and stop-loss at 1.32242.
Long positions can be opened above the level of 1.32446 with the target at around 1.32751 and stop-loss at 1.32344.

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