FX.co ★ Technical analysis and trading recommendations of the currency pair USD/CAD for August 1, 2017

On the four-hour chart, we can observe the downward movement where the quotation stopped after reaching the support level of 1.2400, forming as a fact a wide flat movement. Now, we see how the price continues to develop within the framework of 1.2580 / 1.2410. Probably assume that the current fluctuation will persist, where the bulls will try to form a cluster at the upper border of 1.2580 with an attempt to overcome it, thus opening the way to 1.2700.

But at the same time, traders should not lose sight of short positions in the event that the "bearish" attitude does not fall and the quotation will be able to firmly fix below the level of 1.2400.

Key levels

Resistance - 1,2700; 1.2840; 1.3000 (+/- 30p).

Support - 1,2400; 1.2200; 1.2000.

Signals

- Buying a pair is recommended to be made at a price of 1.2530 with the prospect of a move to 1.2580 and a further move in case of breakdown of the border to a value of 1.2700.

- Selling a pair is recommended to be made at a price below 1.2460, with the prospect of a move to 1.2400.

Note: Forecasts are not a direct guide to action!

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