USD/CAD, H4
On the four-hour chart Tenkan-sen line is below Kijun-sen, both lines are horizontal. Chinkou Span line is following the price chart; current cloud has reversed from ascending to descending. The pair wasn’t able to consolidate above the cloud and turned back within its borders. Tenkan-sen line is the closest support level at 1.1074. Resistance level is the upper border of the cloud at 1.1099.
USD/CAD, D1
At the daily chart Tenkan-sen line has crossed Kijun-sen from below, indicating new wave of upward movement. Chinkou Span line is following the price chart, current cloud is still ascending. The obstacke for the rise is Tenkan-sen line (1.1115). Support level is Kijun-sen line (1.1067).
Key levels
Support levels: 1.1074, 1.1067.
Resistance levels: 1.1115, 1.1099.
Trading tips
On the both charts the pair is consolidating. Pending buy orders can be placed above 1.1099 with targets around 1.1165.
Anastasiya Glushkova
Analyst of LiteForex Group of Companies