Trading news

USD/CAD: free fall of Canadian dollar

Current trend

This Thursday the pair USD/CAD has hit five-year highs at 1.1173. American Dollar is still strong because market players are waiting for the new QE3 program reduction in January in USA as well as decrease of Canadian key stats. Final blow Canadian currency received from the BOC, which decided not to change interest rate and prolong stimulative program. After the release of positive Retail Sales data in Canada (the indicator has reached the level of 0.6%) the pair USD/CAD has been corrected up пара скорректировалась down.

Today December’s Consumer Prices index will be published in Canada. According to the forecasts the index will increase to 1.3% and strengthen CAD.

Support and resistance

Today the pair will probably go up to the levels of 1.1150 and 1.1195; however a correction to the level of 1.1065 is also possible. Technical indicators give controversial signals. Bollinger bands are directed upwards, the price is moving towards upper MA. MACD histogram is in positive zone, but can soon cross the signal line from above and form a signal to sell. Stochastic lines have crossed and given a signal to buy.

Support levels: 1.1065, 1.1020, 1.0975, 1.0930.

Resistance levels: 1.1195, 1.1150. 

Trading tips

Long trades can be opened at current price with targets at 1.1195. Pending sell orders should be placed below 1.1100.

 

Dmitriy Zolotov

Analyst of LiteForex Group of Companies

Friday, 24 Jan, 2014 / 10:22

Source : http://www.liteforex.com/

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