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USD/CAD: technical analysis

Current trend

Last week Canadian dollar weakened significantly against its American counterpart. The pair USD/CAD traded in the range of 50 points. “Bears” unsuccessfully tried to overcome support level of 1.0940, which could have opened the way to the lows of April at the level of 1.0860. Technical indicators confirm that in the near future the pair will continue to decline. MACD is in the negative zone, the signal line has crossed the histogram. Stochastic lines are in the oversold zone and still directed downwards. All three moving average lines are also directed downwards.

Support and resistance

Support levels: 1.0940 and 1.0935; the latter one is the key level of the “bears”. Resistance levels: 1.0960, 1.0980, 1.0990 and 1.1000.

Trading tips

Short positions are recommended after consolidation of the price below the level of 1.0940. It also makes sense to place limit sell orders at the level of 1.0990.

Ilya Lashenko

Analyst of LiteForex Investments Limited 

Tuesday, 06 May, 2014 / 8:49

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

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