USD CAD Technical Analysis | USD CAD Trading: 2015-04-08 | IFCM
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USD CAD Technical Analysis - USD CAD Trading: 2015-04-08

FOMC meeting

Let’s consider the USD/CAD currency pair on the H4 chart. The price approached the support level at 1.24205, which is confirmed by the bearish chart pattern called “triple bottom”. The second important sign for the trend reversal is the bullish divergence of RSI-Bars oscillator and a temporary reversal of Parabolic trend indicator. A weak consolidation of Donchian Channel also points out that a possible new volatility momentum might appear ahead of today’s Federal Open Market Committee (FOMC) meeting.

technical-analysis-charts-usd-cad

Buy position can be opened above the fractal resistance at 1.25312, which is confirmed by the bearish trend line, the upper Donchian Channel boundary and Parabolic historical values. The lower boundary of the “triple bottom” price pattern at 1.24205 can be used for placing Stop loss. This level is also strengthened by other indicators. Conservative traders are recommended to wait for the resistance breakout at 49% on the oscillator chart. Thus, all the analytical tools confirm the trend. After pending order placing, Stop loss is to be moved every four hours following Parabolic signals. Thus, we are changing the probable profit/loss ratio to the breakeven point.

PositionBuy
Buy stopabove 1.25312
Stop lossbelow 1.24205

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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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