country flagالعربية
0

USD/CAD Daily Technical Analysis | 29 January 2018

2018-01-29 09:39 am | Resource: Technical Analysis Section | No Views : 304

For the fourth time in a row, USD/CAD failed to breach the 1.2238 area as a result of bear pressure on the pair and weakness of bulls' motivation to press the pair.

USD/CAD Daily Technical Analysis | 29 January 2018

The pair is trading in a classical view within a symmetrical triangle pattern on the hourly interval, and the 20 SMA is overlapping with the price action and thus our view is neutral.
RSI 14 is trading in a bullish direction and finally the index is trading above the 50 area indicating that bulls are beginning to outperform the bear.
We expected no change from Friday's expectations due to the absence of significant price movements. Should the pair break against the Canadian currency, the level of 1.2280 could target the pair at 1.2135, on the other hand if the breach of 1.2359 might target the 1.2399 level.
Support: 1.2410 - 1.2328 - 1.2135
Resistance: 1.2238- 1.2135- 1.2061
Trend: Sideway
 


Other news

Dollar rises against major currencies after attacks on Aramco

  The dollar rose against the major currencies with the opening of the weekly markets on Monday after attacks by the Houthis on Saudi Aramco, which caused severe damage and raised levels of global concern Trump calls for federal stimulus amid jump in oil prices US President Donald Trump said on Monday that high oil prices and economic data from China point to the need for US stimulus. He blamed…

More news

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any doubts.TradingPekk.com does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.