OANDA:USDCAD   US-Dollar / Kanadischer Dollar
31 0 2
Current trend

After the decrease in the end of the last week, the USD/CAD             pair is in correction, USD is strengthening against CAD, despite the slowing of consumption growth rate. The index increased by 1.7%, which was by 0.2% lower than expected and by 0.1% lower than the previous value. At the same time, Personal Income             grew by 0.1% in December, exceeding the forecast. The growth of the indicator, which reflects the US employment market state, is positive for USD.

Today the traders should pay attention to S&P/Case-Shiller Home Price Indices release at 16:00 (GMT+2) and API Weekly Crude Oil             Stock publication at 23:30 (GMT+2), moderate level of volatility is expected.

Support and resistance

On the 4-hour chart, the downward movement is in the correction, the instrument is moving within the sideways channel, formed by the lower and upper border of Bollinger Bands . MACD histogram is in the negative area, keeping a signal to open short positions.

Resistance levels: 1.2370, 1.2400, 1.2420, 1.2450, 1.2480, 1.2510.

Support levels: 1.2330, 1.2295, 1.2235, 1.2200.

Trading tips

Short positions can be opened at the current level with the targets at 1.2395 and stop loss at 1.2370. Implementation period: 1–3 days.

Long positions can be opened at the level of 1.2400 with the target at 1.2450 and stop loss at 1.2370. Implementation period: 3–5 days.

US Dollar             vs Canadian

Buy Sell Spread
1.23184 1.23157 27

Scenario

Timeframe Day's Range
Recommendations SELL
Entry Point 1.2323
Take Profit 1.2395
Stop Loss 1.2370
Support levels 1.2200, 1.2235, 1.2295, 1.2330, 1.2370, 1.2400, 1.2420, 1.2450, 1.2480, 1.2510

Alternative scenario

Recommendations BUY STOP
Entry Point 1.2400
Take Profit 1.2450
Stop Loss 1.2370
Support levels 1.2200, 1.2235, 1.2295, 1.2330, 1.2370, 1.2400, 1.2420, 1.2450, 1.2480, 1.2510
More analytic from LiteForex:
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