Technical analysis of USD/CAD for Dec 6, 2019

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Overview:

The USD/CAD pair is trading at the spot of 1.3196 and 1.3252. Right now, the pair has already been corrected by 50.0% and may yet continue trading towards 61.8% or 38.2% Fibonacci retracement levels at 1.3252 or 1.3196. The USD/CAD pair was argumentative as it was trading in a narrow sideways channel, the market showed signs of instability. Resistance and support are seen at the levels of 1.3252 and 1.3196 respectively. The support is the low at 1.3196. Equally important, the USDCAD pair is still moving around the key level at 1.3225, which represents a daily pivot in the H1 time frame at the moment. All these signals taken together indicate further sideways trend movement. Immediate resistance is seen around 1.3252 levels, which coincides with the first resistance. In case of a successful breakout at 1.3252 , the next target will be at the level of 1.3291. This would suggest a bulish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to rise higher towards at least 1.3344 so as to test the daily support 3. On the other hand, if a breakout happens at the support level of 1.3196, then this scenario may be invalidated.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of USD/CAD for Decembre 06, 2019

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