LiteForex - Analytics


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    USD/CAD: in the range Technical analysis as of 17.06.16.

    Review and dynamics
    In our previous review of 14.06.2016, we suppose that the price may rise up to 1.2920 and 1.2950 (see Technical analysis as of 14.06.2016). The forecast proved to be correct, as the price went even further.

    The price rose up to the level of 1.3085 yesterday; however, later it went to 1.2955 (ЕМА50 on the daily chart), which is the nearest resistance level today.

    The rise in the pair can stop at the strong resistance level of 1.3100 (Fibonacci 38.2% to the rise in the pair since the beginning of July 2014 and the level of 1.0650, ЕМА200 on the daily chart). The pair is in the ascending channel on the daily chart with the upper limit at the level of 1.3300. Lower limit of the channel is between support levels of 1.2635 (Fibonacci 50%) and 1.2755.

    Our opinion
    Since the beginning of the trading day the pair is traded in the narrow range between resistance level of 1.2955 (ЕМА50 on the daily chart) and support level of 1.2915 (ЕМА200 on 4-hour chart).

    On 4-hour chart the indicators OsMA ans Stochastic suggest to open sell positions; on the daily chart the indicators give buy signals. Breakout of the levels 1.2955 and 1.2915 on either side will determine further movement direction in the pair USD/CAD. However, before the outcome of the Bretix referendum becomes known, it is likely that the pair will move in the range of 1.2755 – 1.3100, close to the current levels of 1.2915 and 1.2955.

    Possible range for today is from 1.2880 (ЕМА200 on hourly chart, ЕМА50 on 4-hour chart) to 1.2975, 1.3015 (middle line of the ascending channel on the hourly chart).

    Support levels: 1.2915, 1.2880, 1.2755 and 1.2635

    Resistance levels: 1.2955, 1.2975, 1.3015, 1.3100, 1.3185, 1.3200 and 1.3300.

    Trading tips
    Buy Stop: 1.2965. Stop-Loss: 1.2910. Take-Profit: 1.3015, 1.3100, 1.3185 and 1.3300.
    Sell Stop: 1.2890. Stop-Loss: 1.2920. Take-Profit: 1.2800, 1.2755, 1.2635, 1.2525, 1.2500 and 1.2200.

    In the ascending channel
    In the ascending channel

    At the level of 1.2915
    At the level of 1.2915

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