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23.05.201915:26 Forex Analysis & Reviews: Technical analysis of USD/CAD for May 23, 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.

Exchange Rates 23.05.2019 analysis

Overview:

The USD/CAD pair continues to move upwards from the level of 1.3457. The pair rose from the level of 1.3457 (the level of 1.3457 coincides with a ratio of 61.8% Fibonacci retracement) to a top around 1.3505. But it rebounded from the top pf 1.3505 to 1.3477. Today, the first support level is seen at 1.3457 followed by 1.3425, while daily resistance 1 is seen at 1.3457. According to the previous events, the USD/CAD pair is still moving between the levels of 1.3505 and 1.3457; for that we expect a range of 48 pips (1.3505 - 1.3457). On the one-hour chart, immediate resistance is seen at 1.3505. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100), Therefore, if the trend is able to break out through the first resistance level of 1.3505, we should see the pair climbing towards the daily resistance at the levels of 1.3532 and 1.3560. It would also be wise to consider where to place stop loss; this should be set below the second support of 1.3425.

Mourad El Keddani
Analytical expert of InstaForex
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