04.12.201812:36 Forex Analysis & Reviews: Technical analysis of USD/CAD for December 04, 2018

Long-term review

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Overview:

The USD/CAD pair is still above the level of 1.3154 since last week. Now, the current price is set at 1.3160. On the H4 chart, the resistance is seen at the levels of 1.3360 and 1.3531. Besides, the weekly support 1 is seen at the level of 1.3360. Today, the USD/CAD pair is continuing to move in a bullish trend from the new support level of 1.3154, to form a bullish channel. Amid the previous events, we expect the pair to move between 1.3154 and 1.3360. Therefore, buy above the level of 1.3360 with the first target at 1.3360 in order to test the daily resistance 1 and further to 1.3531 in coming days. However, if the pair fails to pass through the level of 1.3360, the market will indicate a bearish opportunity below the level of 1.3360. The market will decline further to 1.3154 in order to return to the weekly pivot point. Additionally, a breakout of that target will move the pair further downwards to 1.3027.

Comment:

The weekly pivot is seen at the level of 1.3154.

The market is still in an uptrend. We still prefer the bullish scenario.

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