Technical analysis of USD/CAD for March 22, 2019

analytics5c94b328edd83.png

Overview:

The USD/CAD pair continues to move upwards from the level of 1.3228. Today, the first support level is currently seen at 1.3228. The price is moving in a bullish channel now. Furthermore, the price has set above the strong support at the level of 1.3228 coinciding with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the USD/CAD pair to trade between 1.3228 and 1.3328. So, the support stands at 1.3228, while daily resistance is found at 1.3328. Therefore, the market is likely to show signs of a bullish trend around 1.3228. In other words, buy orders are recommended above 1.3228 with the first target at the level of 1.3328 followed by 1.3295. However, if the USD/CAD pair fails to break through the resistance level of 1.3328 today, the price will decline further to 1.3166 -1.3200.

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

Comments