USD/CAD: technical analysis 24.12.19

Current trend

The USD/CAD pair begins today’s trading with a slight bullish bias. The price went up above the resistance level of 1.31531 and can grow further to the levels of 1.31756 and 1.31836. The level of 1.31836 is a strong resistance which can activate a downward rebound. Meanwhile, the breakout of this level will give a prospect of growth to the 1.32141 resistance.

Alternative scenario

The pullback below 1.31513 could lead the price back to 1.31360 support, which coincided with the middle line of Bollinger Bands. The decisive breakdown of 1.31360 is needed to indicate the downward trend resumption. In this case, the next targets of sellers will be the level of 1.31226-1.31015

Technical indicators

Technical indicators reflect the moderate maintenance of the current upward trend.

Bollinger Bands are pointed upwards.

MACD is slowly growing in the positive zone.

Stochastic is pointed upwards.

Support and resistance

Support levels: 1.31360, 1.31226, 1.31015, 1.30920.
Resistance levels: 1.31531, 1.31836, 1.32141.

Trading recommendations

Short positions can be opened below the level of 1.31360 with the target at around 1.31226-1.31015 and stop-loss at 1.31475.
Long positions can be opened above the level of 1.31536 with the target at around 1.31836 and stop-loss at 1.31436.

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