USD/CAD: technical analysis

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On the daily chart , the pair is trading in the lower Bollinger band . The price remains just above the EMA130 and SMA200 that are horizontal. The RSI is approaching its last month support near the border of the oversold zone. The Composite is falling as well.


On the 4-hour chart, the pair is trading in the lower Bollinger band . The price remains below its moving averages that are directed down. The RSI is falling. The Composite turned down as well, having failed its longer MA.

Key levels

Support levels: 1.3386 (May lows), 1.3276 (March lows), 1.3215 (April lows).

Resistance levels: 1.3545 (local highs), 1.3597 (December 2016 highs), 1.3765 (May highs).

Trading tips

The price keeps moving along the ascending channel . It could retest its lower border where it is likely to reverse upward.

Short positions can be opened from the level of 1.3386 with the target at 1.3276 and stop-loss at 1.3425.

Long positions can be opened form the level of 1.3276 with targets at 1.3386, 1.3545 and stop-loss at 1.3215.
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