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19.10.201811:25 Forex Analysis & Reviews: Technical analysis of USD/CAD for October 18, 2018

Long-term review

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Overview:

The USD/CAD pair has broken resistance at the level of 1.3000, which acts as support now. So, the pair has already formed minor support at 1.3000. The strong support is seen at the level of 1.2945 because it represents the weekly support. In the H1 time frame, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 1.3000. Buy above the minor support of 1.3000 with a target at 1.3089 (this price is coinciding with the ratio of 100% Fibonacci). On the other hand, if the pair closes below the minor support (1.3000), the price will fall into the bearish market in order to go further towards the strong support at 1.2945.

Comment:

Also, the double bottom is seen at the level of 1.2865.

If the trend is buoyant, then the currency pair strength will be defined as following: USD is in an uptrend and CAD is in a downtrend.

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