USD/CAD analysis for August 20, 2018

analytics5b7aabcf403dd.png

Recently, the USD/CAD pair has been trading downwards. The price tested the level of $1.3053. According to the H1 time – frame, I found head and shoulders pattern in the background and a broken neckline, which is a sign that buying looks risky. I also found a downward regression channel, which is another sign that sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3020 and at the price of 1.2975.

Resistance levels:

R1: 1.3135

R2: 1.3210

R3: 1.3252

Support levels:

S1: 1.3020

S2: 1.2975

S3: 1.2900

Trading recommendations for today: watch for potential selling opportunities.

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