USD/CAD: technical analysis 25.11.2019
USD/CAD quotes consolidating around the middle line of Bollinger Bands (surrounding 1.32930). The decisive break of 1.33057 resistance is needed to indicate uptrend resumption. In this case, the buyers will aim for the 1.33209-1.33362 resistance area. This area seems can prevent the instrument from growing, as the possibility of the reverse of the price is high there.
If the sellers manage to decline the rate below 1.33904 the downward movement can continue to the area of 1.32751. Should prices continue slipping under this level, the mark of 1.32599-1.32535 might try activating an upward rebound.
The technical picture is mixed.
Bollinger Bands are pointed sideways.
MACD volumes are slowly decreasing in the positive zone.
Stochastic is in the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.
Support and resistance
Support levels: 1.32904, 1.32751, 1.32599.
Resistance levels: 1.33057, 1.33209, 1.33362.
Short positions can be opened below the level of 1.32904 with the target at around 1.32751-1.32600 and stop-loss at 1.33000.
Long positions can be opened above the level of 1.33057 with the target at around 1.33209-1.33362 and stop-loss at 1.32955.