empty
 
 
18.05.2018 02:51 AM
Technical analysis of USD/CAD for May 18, 2018

This image is no longer relevant

Overview:

Pivot point: 1.2862.

The USD/CAD pair has risen from the level of 1.2728 towards 1.2867 this week. Now, the current price is set at 1.2870. On the H1 chart, the resistance is seen at the levels of 1.2894 and 1.2939. Besides, the weekly support 1 is seen at the level of 1.2791. Today, the USD/CAD pair is continuing to move in a bullish trend from the new support level of 1.2830, to form a bullish channel. Amid the previous events, we expect the pair to move between 1.2830 and 1.2939. Therefore, buy above the level of 1.2830 with the first target at 1.2894 in order to test the second resistance and further to 1.2939. Nevertheless, if the pair fails to pass through the level of 1.2939, the market will indicate a bearish opportunity below the level of 1.2939. The market will decline further to 1.2862 in order to return to the weekly pivot point. Additionally, a breakout of that target will move the pair further downwards to 1.2728 with a view to test the double bottom on the H1 chart. Comment: The weekly pivot is seen at the level of 1.2862. The market is still in an uptrend. We still prefer the bullish scenario as long as the price of 1.2830 is not breached.

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 $1000 more!
    In April we raffle $1000 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