Today at 12:30, 14:00, and 15:00 (GMT), a significant increase in volatility in USD, CAD quotes, and, accordingly, in the USD/CAD pair is expected.
USD/CAD maintains positive dynamics, remaining in the bull market zone, above key support levels 1.2550 (200 EMA on the monthly chart), 1.2740 (200 EMA on the daily chart), 1.2855 (200 EMA on the weekly chart, EMA50 on the daily chart).
A breakdown of the local resistance level 1.3070 will confirm the bullish market sentiment and send the pair towards the resistance level 1.3450 (23.6% Fibonacci retracement level of the downward correction in the USD/CAD growth wave from 0.9700 to 1.4600) with the prospect of further growth.
In an alternative scenario, USD/CAD will break through the support level 1.2980 (200 EMA on the 1-hour chart) and fall to the support level 1.2855. The breakdown of this level will be the first signal that USD/CAD will return to the zone of a long-term bear market.
The breakdown of support levels 1.2550 (200 EMA on the monthly chart), 1.2520 (local support level) will increase the risks of a further decline in USD/CAD and a resumption of the global downward trend.
Support levels: 1.29 80 , 1.29 60 , 1.28 93 , 1.28 55 , 1.2740, 1.27 00 , 1.2550, 1.2520
Resistance levels: 1.3070, 1.3100
Trading Tips
Sell Stop 1.2970. Stop-Loss 1.3050. Take-Profit 1.2900, 1.2893, 1.2855, 1.2740, 1.2700, 1.2550, 1.2520
Buy Stop 1.3050. Stop-Loss 1.2970. Take-Profit 1.3100, 1.3200, 1.3300