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11.01.201911:32 Forex Analysis & Reviews: Technical analysis of USD/CAD for January 11, 2019

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 11.01.2019 analysis

Overview:

The USD/CAD pair has dropped sharply from the level of 1.3419 towards 1.3181. Now, the price is set at 1.3297 and acts as a daily pivot point. It should be noted that volatility is very high, so the USD/CAD pair will continue to move between 1.3297 and 1.3181 in the coming hours. Furthermore, the price has been set below the strong resistance at the levels of 1.3297 and 1.3419, which coincides with the 23.6% and 50% Fibonacci retracement level, respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the USD/CAD pair continues to move in the bearish trend from the new resistance of 1.3297. Thereupon, the price spot of 1.3297 remains to be a significant resistance zone. Therefore, a possibility that the USD/CAD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.3297, sell below 1.3297 with the first targets at 1.3181 and 1.3066. However, a stop loss order should be located above the level of 1.3419.

Mourad El Keddani
Analytical expert of InstaForex
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