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Weekly forecast US Dollar / Canadian Dollar technical chart
Symbol USDCAD

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Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (1.3505 to 1.3535). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

While the price is above the level 1.3450, the probability of beginning of downtrend is too weak, so we would enter the market with sell trades based on Daily-Trading-Opportunities and a day close price below 1.3450 and expect to reach short-term targets.

  • Beginning of entry zone (1.3505)
    • Resistance on 03/14/2017
    • Resistance on 04/20/2017
    • Resistance on 04/21/2017
    • Resistance on 04/24/2017
    • Support on 05/19/2017
    • Resistance on 05/26/2017
    • Resistance on 05/30/2017
    • Resistance on 05/31/2017
    • Resistance on 06/05/2017
    • Resistance on 06/08/2017
    • Resistance on 06/09/2017
    • Resistance on 12/19/2018
    • Support on 12/21/2018
    • Resistance on 01/04/2019
    • Resistance on 04/24/2019
    • Resistance on 04/25/2019
  • Ending of entry zone (1.3535)
    • Resistance on 11/17/2016
    • Resistance on 11/18/2016
    • Resistance on 11/24/2016
    • Resistance on 11/25/2016
    • Resistance on 11/28/2016
    • Resistance on 03/09/2017
    • Resistance on 04/21/2017
    • Support on 04/26/2017
    • Support on 04/27/2017
    • Resistance on 05/24/2017
    • Resistance on 06/01/2017
    • Resistance on 06/02/2017
    • Resistance on 06/07/2017
    • Resistance on 06/09/2017
    • Resistance on 12/20/2018

DateApril 28, 2019 - 11:18
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 1.36650, beginning of downtrend is expected.
  • We make sure when the support at 1.30700 breaks.
  • If the resistance at 1.36650 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI bounced from the downtrend #1 and it prevented price from more gains.
  • While the RSI support #2 at 47 is not broken, the probability of price decrease would be too low.
  • A peak is formed in daily chart at 1.3520 on 04/24/2019, so more losses to support(s) 1.3450, 1.3405, 1.3330 and minimum to Major Support (1.3070) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 59.

Take Profits:

  1. 1.3405
  2. 1.3330
  3. 1.3280
  4. 1.3180
  5. 1.3070
  6. 1.2915
  7. 1.2775
  8. 1.2525
  9. 1.2250
  10. 1.2060
Click on the level to view price action history.

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