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USD/CAD: general analysis 19 July 2017, 12:43


Scenario
Timeframe Intraday
Recommendation SELL STOP
Entry Point 1.2600
Take Profit 1.2550
Stop Loss 1.2630
Key Levels 1.2550, 1.2600, 1.2635, 1.2700, 1.2750, 1.2850, 1.2900
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2700
Take Profit 1.2750, 1.2780
Stop Loss 1.2670
Key Levels 1.2550, 1.2600, 1.2635, 1.2700, 1.2750, 1.2850, 1.2900

Current trend
The USD/CAD pair is consolidating after the decrease on Tuesday due to the fall of the USD, which was caused by the rejection of the 4 USA Congressmen to support the Republicans’ law upon cancelling the health care program Obamacare.
The price is trading around the level of 1.2635; market is waiting for the US Housing Starts Change and Building Permits. The experts expect the growth of both indicators, which can support the USD.
The Manufacturing Shipments data will be published in Canada. The decrease by 0.3% against the previous value is expected, which can affect the CAD negatively.
Support and resistance
On the daily chart the pair is trading alongside the lower border of Bollinger Bands, MACD is in the negative zone, keeping the sell signal.
Support levels: 1.2635, 1.2600, 1.2550.
Resistance levels: 1.2700, 1.2750, 1.2850, 1.2900.

Trading tips
Short positions can be opened at the level of 1.2600 with the target at 1.2550 and stop loss at 1.2630.
Long positions can be opened at the level of 1.2700 with the targets at 1.2750, 1.2780 and stop loss at 1.2670.
Implementation period: 1-3 days.
Από το Blogger.