Technical analysis of USD/CAD for October 29, 2018

analytics5bd6de8423654.png

Overview:

The USD/CAD pair has broken resistance at the level of 1.3000, which acts as support now. So, the pair has already formed minor support at 1.3000. The strong support is seen at the level of 1.2945 because it represents the weekly support. In the H1 time frame, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 1.3000. Buy above the minor support of 1.3000 with a target at 1.3089 (this price is coinciding with the ratio of 100% Fibonacci). On the other hand, if the pair closes below the minor support (1.3000), the price will fall into the bearish market in order to go further towards the strong support at 1.2945. Also, the double bottom is seen at the level of 1.2865 on the H1 chart.

Technical levels:

  • Resistance 3: 1.3185
  • Resistance 2: 1.3140
  • Resistance 1: 1.3089
  • Pivot point: 1.3045
  • Support 1: 1.3000
  • Support 2: 1.2945
  • Support 3: 1.2856
The material has been provided by InstaForex Company - www.instaforex.com