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USD/CAD is currently developing positive dynamics within the upward channels on the daily and weekly charts after rebounding from the zone of key support levels at 1.3490 (200 EMA, 50 EMA on the daily chart), 1.3500 (144 EMA on the daily chart), and overcoming the resistance level of 1.3540 yesterday. The price seems to have finally broken out of the range formed between the levels 1.3450 and 1.3540, in which USD/CAD has been trading since mid-January.
A breakthrough of the next local resistance level at 1.3615 will confirm the bulls' intention to push the pair towards the upper boundary of the upward channel on the weekly chart and the highs of October–November of the previous year, near the 1.3900 mark.
Intermediate targets, in this case, will be located near the levels 1.3700, 1.3780, 1.3800, and 1.3860.
In an alternative scenario, a decline within the aforementioned upward channels and towards key supports at levels 1.3500, 1.3490 will resume.
A breakthrough of these levels and the important support level at 1.3452 (23.6% Fibonacci retracement level in the growth wave from the level of 0.9700 to the level of 1.4600, reached in June 2016) will bring USD/CAD back into the medium-term bearish market zone.
The first signal for the implementation of this scenario could be a breakthrough of today's low at 1.3570.
Increased volatility in the USD/CAD pair can be expected at 13:30 GMT.
Support levels: 1.3570, 1.3540, 1.3522, 1.3500, 1.3490, 1.3465, 1.3452, 1.3400, 1.3370, 1.3300, 1.3280, 1.3200
Resistance levels: 1.3600, 1.3615, 1.3700, 1.3775, 1.3800, 1.3860, 1.3890, 1.3900, 1.3970, 1.4000
Trading Scenarios:
Main Scenario: Buy at the market, Buy Stop at 1.3620. Stop-Loss at 1.3560. Targets at 1.3700, 1.3775, 1.3800, 1.3860, 1.3890, 1.3900, 1.3970, 1.4000.
Alternative Scenario: Sell Stop at 1.3560. Stop-Loss at 1.3620. Targets at 1.3540, 1.3522, 1.3500, 1.3490, 1.3465, 1.3452, 1.3400, 1.3370, 1.3300, 1.3280, 1.3200.
"Targets" correspond to support/resistance levels. This also does not imply that they will necessarily be reached but can serve as a guide in planning and placing trading positions.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
