USDCAD Technical Analysis Report for the Week Ahead – 09/01/2018
Daily Chart (1.2430)
As per the daily chart of USDCAD, we can notice that the currency pair was depreciating for the last few days and moved in line with our expectations as per our previous report on USDCAD. As per the price movement and technical indicators, we are expecting this currency pair to bounce back from its current levels. In the next few days we are expecting the currency pair to appreciate from its current levels. The currency pair may quickly bounce back or may start appreciating after a bit of stabilization at the current levels. The major support for the currency pair seems to be round 1.2335, 1.2319 and 1.2244 levels and we may see a quick bounce back from these levels.
So the ideal strategy for trading this currency pair should be buying near support levels for the midterm. But still breakouts of support or resistance levels are important and breakouts may trigger further movement in the same direction.
Major Support and Resistance:
Resistance: 1.2507, 1.2622, 1.2667, 1.2772, 1.2815, 1.2908, 1.3085, 1.3259, 1.3320
Support: 1.2417, 1.2335, 1.2319, 1.2284, 1.2244, 1.2158, 1.2102, 1.2062, 1.2037, 1.1839
As per the technical analysis our strategy for the next few days should be:
Buying USDCAD at its nearest support and selling near resistance levels with a stop-loss of 35 pips. And if stop-loss triggers then the position should be reversed again with a 35 pips stop-loss. Breakout of resistance levels will provide opportunities for further profits.
Ideal Strategy: Buy at 1.2255, stop loss at 1.2220 and Target around 1.2772 levels.
So the ideal strategy for trading this currency pair should be buying near support levels for the midterm. But still breakouts of support or resistance levels are important and breakouts may trigger further movement in the same direction.
Major Support and Resistance:
Resistance: 1.2507, 1.2622, 1.2667, 1.2772, 1.2815, 1.2908, 1.3085, 1.3259, 1.3320
Support: 1.2417, 1.2335, 1.2319, 1.2284, 1.2244, 1.2158, 1.2102, 1.2062, 1.2037, 1.1839
As per the technical analysis our strategy for the next few days should be:
Buying USDCAD at its nearest support and selling near resistance levels with a stop-loss of 35 pips. And if stop-loss triggers then the position should be reversed again with a 35 pips stop-loss. Breakout of resistance levels will provide opportunities for further profits.
Ideal Strategy: Buy at 1.2255, stop loss at 1.2220 and Target around 1.2772 levels.
RSS Feed
