empty
 
 
21.05.2019 06:00 PM
USD/CAD analysis for May 21, 2019

USD/CAD has been trading downwards and the CAD tested the level of 1.3397. We are expecting potential upside because we found strong rejection from the key support.

This image is no longer relevant

According to the H1 time-frame, we found that there is strong test and reject from the key support at 1.3399, which is sign that sellers got no interest in CAD. Additionally, we found that bullish divergence on the Stochastic oscillator, which is another sign of the potential strength. There is also a breakout of the down channel, which adds more potential for the upside. Watch for potential buying opportunities on the pullbacks with the first target at 1.3446.

Upward references:

Purple rectangle- 1.3446

Swing high – 1.3476

Downward reference:

Swing low – 1.3397

Key swing low – 1.3375

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback