USD/CAD: The Pair is Near the Level of 1.2635
This week, the pair USD/CAD is traded between the levels of 1.2700 - 1.2600, consolidating near the level of 1.2635 (Fibonacci 50%).
The price of USD/CAD has returned to the level it had a year ago. The Canadian dollar has regained 50% of the losses sustained during continuing rise since July 2014.
The pair is still traded in the downward channel on the daily chart, and pressure on the pair continues.
Although on the daily chart the indicators OsMA and Stochastic are reversing towards the long positions, on the daily chart the indicators continue to recommend to open sell positions.
If the price breaks out support level of 1.2635, the pair USD/CAD will go to support level of 1.2170 (ЕМА144 on the weekly chart and Fibonacci 61.8%).
Downtrend can develop if the price consolidates above the level of 1.3100 (Fibonacci 38.2%) and 1.3185 (ЕМА200 on the daily chart).
Support levels: 1.2635, 1.2600 and 1.2525.
Resistance levels: 1.2755, 1.2955, 1.3100, 1.3185 and 1.3200.
Trading tips
Buy Stop: 1.2765. Stop-Loss: 1.2720. Take-Profit: 1.2900, 1.2955, 1.3100 and 1.3185.
Sell Stop: 1.2610. Stop-Loss: 1.2660. Take-Profit: 1.2600, 1.2525, 1.2500 and 1.2200.
