USDCAD Technical Analysis Report for the week ahead – 23/07/2017
Hourly Chart (1.2538)
Hourly Chart (1.2538)
As per hourly chart, we can observe that the USDCAD is depreciating and in downward trend. The pair is trading below its support and long term Moving Averages. On hourly chart and purely on the basis of technical analysis we are expecting this pair depreciate further from its current levels. We can expect the pair to take support near 1.2410 and to consolidate at that level. We are expecting USDCAD to bounce back from those levels and may appreciate from that price.
So as per the analysis our strategy for the coming week should be:
Sell at 1.2555, Stop at 1.2585 and Target at 1.2415
Sell at 1.2595, Stop at 1.2625, Target at 1.2415
Buy at 1.2405, Stop at 1.2375, Target at 1.2580, 1.2595, 1.2622
Sell below 1.2380, Stop at 1.2310, Target at 1.2333, 1.2194, 1.2000
So as per the analysis our strategy for the coming week should be:
Sell at 1.2555, Stop at 1.2585 and Target at 1.2415
Sell at 1.2595, Stop at 1.2625, Target at 1.2415
Buy at 1.2405, Stop at 1.2375, Target at 1.2580, 1.2595, 1.2622
Sell below 1.2380, Stop at 1.2310, Target at 1.2333, 1.2194, 1.2000
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