For Traders

Analytical Reviews

Technical analysis

02.05.201906:19 Forex Analysis & Reviews: Forecast for USD / CAD pair on May 2, 2019

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.

USD / CAD pair

Yesterday, the Canadian dollar made a U-turn upside from the MACD indicator line with a confirmatory signal of the marlin oscillator, which its signal line transitions into a zone of positive numbers into a trend growth zone. The price also went above the red indicator line of balance, which means a shift in the market balance towards higher prices.

Taking into account that the price is growing in the direction of the main trend, it can easily pass through the 161.8% Fibonacci level and the April 24 maximum. The immediate goal is the resistance line of the price channel in the area of 1.3560. In the case of a price above this level, the Fibonacci of 200.0% at the price of 1.3605 becomes the subsequent target.

The price left to start going over the MACD line of the four-hour chart, situated just above 1.3445.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.