USD/CAD:the fall to the lower border of the channel may continue

OANDA:USDCAD   美元 / 加元
29 0
Current trend

The pair USD/CAD continues the fall that started in the beginning of the month. Currently the quotes have reached their 4-weeks minimum around 1.3470.

The Canadian currency is supported by considerable growth of oil quotes illustrating the hopes of the investors for the long-term extension of the OPEC+ agreement that may take place this week during the meeting of cartel states in Vienna.

Even negative April data on the Canadian CPI in April failed to stop the fall of the pair. The YoY value remained on the level of 1.6%. In January inflation exceeded 2.0% and since then has been decreasing. This leaves almost no hope that the Bank of Canada will change the interest rate. The next meeting of the Bank is due on Wednesday, and no serious decision are expected to be made during it.

Support and resistance

Technically the price dropped below 1.3497 (Fibo correction 38.2%) and may continue moving to the lower border of the upward channel 1.3407 (Fibo correction 50.0%) and in case of breaking through it fall to the level of 1.3371 (Fibo correction 61.8%). Technical indicators do not exclude a slight correction to the middle line of Bollinger Bands at 1.3545 ( Stochastic has reversed upwards). However, one may speak about considerable growth to the levels of 1.3607 (correction 23.6%) and 1.3650 only after the price consolidates above the sliding line of Bollinger Bands .

Support levels: 1.3470, 1.3407, 1.3317.

Resistance levels: 1.3545, 1.3607, 1.3650.

Trading tips

In the current situation short positions may be opened below the level of 1.3470 with targets at 1.3407, 1.3317 and stop-loss at 1.3500.

If the level of 1.3545 is broken through upwards, long positions with targets at 1.3607, 1.3650 and stop-loss at 1.3510 will become relevant.
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