USDCAD Technical Analysis Report for the Week Ahead – 22/10/2017

USDCAD Technical Analysis Report for the Week Ahead – 22/10/2017

Daily Chart (1.2623)

As per the daily chart of USDCAD, we can observe that there is a clear cut upward movement from its support line and closed near its resistance of 1.2621 levels. As per the price movement and technical indicators, we are expecting this currency pair to appreciate further from its current levels in the mid-term. The pair got multiple supports near 1.2500 levels and we are expecting the currency pair to start appreciating from those levels after a small correction from 1.2665 levels.
So the strategy for trading this pair should be shorting the USDCAD pair at 1.2665 levels and covering positions near 1.2500 and again start mid-term buying around 1.2500 levels.

Resistance: 1.2665, 1.2751, 1.2796, 1.2900, 1.2999, 1.3205, 1.3349
Support: 1.2621, 1.2530, 1.2503, 1.2471, 1.2420, 1.2243, 1.2176, 1.2126
 

As per the technical analysis our strategy for the next few days should be:

Sell at 1.2665, Stop at 1.2700, Target at 1.2621, 1.2530, 1.2503, 1.2471
Buy at 1.2503, Stop at 1.2468, Target at 1.2530, 1.2621, 1.2665, 1.2751, 1.2796, 1.2900, 1.2999
Buy at 1.2471, Stop at 1.2436, Target at 1.2503, 1.2530, 1.2621, 1.2665, 1.2751, 1.2796, 1.2900
Sell below 1.2420, Stop at 1.2460, Target at 1.2243, 1.2176, 1.2126, 1.2101, 1.2071, 1.1915