USD/CAD: general analysis

Current trend

Yesterday the price of the pair USD/CAD significantly went up due to the rise in the USD. Following several unsuccessful attempts to break down resistance level of 1.0462 the pair consolidated near the level of 1.0450.
MACD histogram is in the positive zone, indicating continuation of the uptrend. Macroeconomic background suggests similar outlook. Canadian labour statistics will be released today. Experts believe that unemployment rate can increase, which will inevitably cause the rise in the pair.

Support and resistance

The nearest resistance level on the daily chart is 1.0462, next resistance level is the local highs of 1.0497. The main targets of the “bulls” are 1.0520 and 1.0568. Support levels are 1.0397, 1.0365, 1.0336 and 1.0270.

Trading tips

It is recommended to open long positions after breakdown of the level of 1.0462 with the target at 1.0497 and stop-loss orders around 1.0425.

Andrey Cherkas
Analyst of LiteForex Group of Companies

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