Technical analysis of USD/CAD for January 24, 2019

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Overview:

The USD/CAD pair continues to move upwards from the level of 1.3299. Yesterday, the pair rose from the level of 1.3299 (the level of 1.3299 coincides with a ratio of 61.8% Fibonacci retracement) to a top around 1.3352. Today, the first support level is seen at 1.3299 followed by 1.3254, while daily resistance 1 is seen at 1.3377. According to the previous events, the USD/CHF pair is still moving between the levels of 1.3334 and 1.3405; for that we expect a range of 71 pips (1.3405 - 1.3334). On the one-hour chart, immediate resistance is seen at 1.3370, which coincides with the doublt top on the H1 chart. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100). Therefore, if the trend is able to break out through the first resistance level of 1.3370, we should see the pair climbing towards the daily resistance at 1.3405 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 1.3254.

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