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USD/CAD: technical analysis 28.11.2019

Current trend

On the 4-hour chart, the instrument keeps a moderate positive dynamic. At the moment the price has met the resistance at the level of 1.32915. This level can prevent the instrument from growing, as the possibility of the reverse of the price is high there. Meanwhile, the decisive break of 1.32915 is needed to indicate uptrend resumption. In this case, the next targets of buyers will be the level of 1.33057-1.33209.

Alternative scenario

The rebound from 1.32915 will return the price to 1.32751 support. Should prices continue slipping under this level, the mark of 1.32599 might try activating an upward rebound. Meanwhile, the breakdown of this level will be a signal for downward trend resumption and give a prospect of decline to 1.32446 support.

The technical picture is mixed.
Bollinger Bands are pointed sideways.
MACD volumes are in the negative zone and are moving along the zero line.
Stochastic is pointed upwards, approaching the oversold zone.

Support and resistance

Support levels: 1.32751, 1.32599, 1.32446.
Resistance levels: 1.32915, 1.33057, 1.33209.

Trading recommendations

Short positions can be opened below the level of 1.32751 with the target at around 1.32599-1.32446 and stop-loss at 1.32852.
Long positions can be opened above the level of 1.32915 with the target at around 1.33057-1.33209 and stop-loss at 1.32817.

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