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USD/CAD: TECHNICAL ANALYSIS 30.10.2019

Current trend

The USD/CAD pair begins today’s trading with a slight bullish bias. At the moment the price has met the resistance at the level of 1.30937-1.30994. One may speak about upward movement continuation after the price consolidates above this area. In this case, the growth can continue to 1.31226 resistance.
Alternative scenario.
The pullback and pair’s sustained trading below 1.30829 will let the price fall to the level of 1.30680, which coincided with the middle line of Bollinger Bands.
The downward trend will be restored after the price is set below the level of 1.30615. In this case, the next targets of sellers will be the level of 1.30413, which seems a key level for the sellers in a short term period.

The technical picture is mixed. Bollinger Bands are diverging on the background of bullish momentum. MACD volumes are decreasing in the negative zone. Stochastic is pointed sideways.

Support and resistance

Support levels: 1.30829, 1.30680, 1.30413.
Resistance levels: 1.30994, 1.31226, 1.31531.

Trading recommendations

Long positions can be opened above the level of 1.30994 with the target at around 1.31226 and stop-loss 1.30916.
Short positions can be opened below the level of 1.30680 with the target at around 1.30413 and stop-loss 1.30769.

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