Technical Analytics Report

USD/CAD Technical Analysis 11 Jan 2021

 

USD/CAD, H4

On the H4 chart, there is a change from the downtrend to the uptrend. The instrument is testing the upper border of Bollinger Bands for a breakout; the indicator cloud is expanding, the preservation of the uptrend is likely in the short term. The MACD histogram is at the zero level, its volumes are minimal; the signal line reversed upwards, a sell signal lost its relevance. Stochastic is crossing the overbought zone from below, forming a signal to open buy positions.

USD/CAD, D1

D1 chart shows the correction of the downward movement. The instrument is consolidating at the center line of Bollinger Bands; the indicator cloud is narrowing, which indicates likely formation of lateral trend in the medium term. MACD histogram is in the negative zone keeping the sell signal. Stochastic is in the neutral zone and the oscillator lines are reversing upwards from the border with the oversold zone.

Key levels

Resistance levels: 1.2770, 1.2800, 1.2830.

Support levels: 1.2740, 1.2720, 1.2700, 1.2650, 1.2630.

Trading tips

Long positions could be opened from 1.2770 with target at 1.2820 and stop-loss at 1.2740 in the short term. Implementation time: 1-3 days.

Short positions may be opened from the level of 1.2700 with target at 1.2650. Stop-loss – 1.2730.

Buy Sell Spread: 1.27531 – 1.27506 25

Scenario

Timeframe Day’s Range

Recommendations BUY STOP

Entry Point 1.2770

Take Profit 1.2820

Stop Loss 1.2740

Support levels 1.2630, 1.2650, 1.2700, 1.2720, 1.2740, 1.2770, 1.2800, 1.2830


Alternative scenario

Recommendations SELL STOP

Entry Point 1.2700

Take Profit 1.2650

Stop Loss 1.2730

Support levels 1.2630, 1.2650, 1.2700, 1.2720, 1.2740, 1.2770, 1.2800, 1.2830

 

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