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Exchange Rates 12.02.2019 analysis

Overview:

The USD/CAD pair continues to move upwards from the level of 1.3228. Today, the first support level is currently seen at 1.3228, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.3228, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.

According to the previous events, we expect the USD/CAD pair to trade between 1.3228 and 1.3328. So, the support stands at 1.3228, while daily resistance is found at 1.3328. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.3228. In other words, buy orders are recommended above the spot of 1.3228 with the first target at the level of 1.3328; and continue towards 1.3295. However, if the USD/CAD pair fails to break through the resistance level of 1.3328 today, the market will decline further to 1.3228 or 1.3200.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Mourad El Keddani,
Analytical expert
InstaForex Companies Group © 2007-2019
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