USD/CAD: Trading recommendations

Yuri Papshev Independent Analyst

USD/CAD is trading in a tight range near 1.2185, about 20 pips below June and 6-week highs at 1.2204. At the same time, the price has broken through the important short-term resistance levels 1.2128, 1.2166 and continues to grow towards the important medium-term resistance level 1.2225. If the Fed leaders do not make unexpected statements following the meeting, which ends at 18:00 (GMT), then the growth of USD/CAD above the resistance level of 1.2225 should not be expected. In this case, USD/CAD is likely to resume its downward trend, and the breakdown of support levels 1.2166, 1.2160 (Fibonacci level 50% of downward correction in the wave of USD/CAD growth from 0.9700 to 1.4600) will be a signal for the resumption of short positions.

Support levels: 1.2165, 1.2160, 1.2128, 1.2085, 1.2010.

Resistance levels: 1.2225, 1.2450, 1.2515, 1.2645, 1.2740, 1.2970.

Trading recommendations

Sell Stop 1.2155. Stop-Loss 1.2215. Take-Profit 1.2128, 1.2085, 1.2010.

Buy Stop 1.2215. Stop-Loss 1.2155. Take-Profit 1.2225, 1.2450, 1.2515, 1.2645, 1.2740, 1.2970.

Author

Yuri Papshev

Independent Analyst

Independent trader and analyst at Forex market. Trade experience - more than 10 years. In trade Yuri Papshev uses a combination of fundamental and technical analysis.

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