USD/CAD: technical analysis 17.06.2019

USD/CAD: technical analysis 17.06.2019

Current trend

On the 4-hour chart, the instrument is growing along the upper line of the Bollinger Bands. Now we can see a small downward correction, but the upward trend is still maintained. One may speak about upward movement continuation after the price consolidates above the strong resistance level of 1.3427 (Murray [4/8]). In this case, the next targets of buyers will be the level of 1.3488 (Murray [5/8]). Failure to conquer the level of 1.3427 during short term period seems fetching the USD/CAD to 1.3366 (Murray [4/8]) support. Technical indicators reflect the maintenance of the upward potential, but the downward correction is possible in the short term. Bollinger Bands are pointed upwards. MACD histogram is in the positive zone keeping a signal for the opening of buy positions. Stochastic is in the overbought zone and is pointed sideways.

Support and resistance

Support levels: 1.3366, 1.3305, 1.3244.
Resistance levels: 1.3427, 1.3488, 1.3549.

Trading recommendations

Short positions can be opened below the level of 1.3366 with the target at around 1.3305 and stop-loss 1.3386.
Long positions can be opened above the level of 1.3427 with the target at around 1.3488 and stop-loss 1.3407.