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Forex: Ichimoku Clouds. Review of USD/CAD

USD/CAD, H4

On the four-hour chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one is moving sideways. Chinkou Span line is above the price chart; current cloud is ascending. The closest support level is Tenkan-sen line at 1.0544. One of the previous maximums of Chinkou Span line is expected to be a resistance level at 1.0670.

USD/CAD, D1

At the daily chart we can see the same situation. Tenkan-sen line is above Kijun-sen, they are both horizontal. Chinkou Span line is above the price chart; current cloud is ascending. The closest support level is Tenkan-sen line at 1.0495. One of the previous maximums of Chinkou Span line is expected to be a resistance level at 1.0640.

Key levels

Support levels:  1.0544, 1.0495.

Resistance levels:  1.0640, 1.0670.

Trading tips

On the both charts Ichimoku lines indicate the continuation of the upward movement. The targets for the long positions are 1.0640 and 1.0670.

 

Anastasiya Glushkova 
Analyst of LiteForex Group of Companies 

Monday, 25 Nov, 2013 / 8:54

Source : https://www.liteforex.com/

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