Wednesday, July 13, 2016

USD/CAD: Pair Trades Flat

 2016-07-13 10:54 (GMT+2) USD/CAD
 
Current Trend 
The USD/CAD pair showed a strong fall on Tuesday but managed to gain back part of its losses by the end of the afternoon session.
At present, market participants are waiting for new guidelines. There is a chance that major central banks will introduce additional economic stimulus measures aimed to address a possible negative impact of Brexit. In particular, such decision can be made by the Bank of England and by the central banks of Europe and Japan.
The Bank of Canada announces its decision on interest rates on Wednesday. Though economists expect the Regulator will keep its current monetary policy unchanged, commentaries given by the Bank’s representatives at the upcoming press-conference might have a negative impact on the Canadian Dollar.

Support and Resistance
Bollinger Bands on the daily chart has turned sideways again while the price range remains unchanged. MACD is growing and keeping a weak buy signal. Stochastic is at the border of the overbought zone and trying to turn down.
The indicators recommend waiting for clearer trading signals.
Support levels: 1.3020, 1.3000, 1.2962, 1.2930, 1.2900, 1.2876 (7 July low), 1.2831 (4 July low), 1.2800, 1.2762.
Resistance levels: 1.3064, 1.3100, 1.3139 (11 July high), 1.3187, 1.3218 (5 April high).

Trading Tips
Long positions can be opened after the breakout and consolidation above the level of 1.3100 with the target at 1.3218 and stop-loss at 1.3050. Validity – 1-2 days.
Short positions can be opened after the price rebounds from the level of 1.3100 and breaks down 1.3050 with the target at 1.2900 and stop-loss at 1.3080. Validity – 2-3 days.




Scenario

Timeframe Intraday
Recommendation BUY STOP
Entry Point 1.3110
Take Profit 1.3218
Stop Loss 1.3050
Key Levels 1.2762, 1.2800, 1.2831, 1.2876, 1.2900, 1.2962, 1.3000, 1.3064, 1.3100, 1.3139, 1.3187, 1.3218

Alternative Scenario

Recommendation SELL STOP
Entry Point 1.3040
Take Profit 1.2900
Stop Loss 1.3080
Key Levels 1.2762, 1.2800, 1.2831, 1.2876, 1.2900, 1.2962, 1.3000, 1.3064, 1.3100, 1.3139, 1.3187, 1.3218

 Register with HiWayFX and claim your 150% welcome bonus..

https://my.hiwayfx.com/partner/links/go/139
The Bonus is not granted automatically.
The client must claim / request the Bonus by
contacting finance department
at finance@hiwafx.com
or via livechat.
 Terms & Conditions
https://my.hiwayfx.com/partner/links/go/893

with
 M Samer Al Reifae
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
- YOU WILL NEVER TRADE ALONE -
https://www.facebook.com/LORDOFTRUTH https://twitter.com/thelordoftruth https://plus.google.com/u/0/+msameralreifae/posts

YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS 
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED. 
 Do your own due diligence. 
No one knows tomorrow's price or circumstance. 
 I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader. 
I do not accept responsibility for being incorrect in my speculations on market trend.