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USD/CAD: technical analysis 15 October 2019, 12:43

USD/CAD: technical analysis 15 October 2019, 12:43 Scenario Timeframe Weekly Recommendation BUY STOP Entry Point 1.324...

Oct 11, 2019

USD/CAD: general review 11 October 2019, 11:58

Scenario
Timeframe Intraday
Recommendation SELL STOP
Entry Point 1.3265
Take Profit 1.3205
Stop Loss 1.3300
Key Levels 1.3205, 1.3224, 1.3243, 1.3268, 1.3290, 1.3300, 1.3319, 1.3337, 1.3347, 1.3383
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3320
Take Profit 1.3380
Stop Loss 1.3290
Key Levels 1.3205, 1.3224, 1.3243, 1.3268, 1.3290, 1.3300, 1.3319, 1.3337, 1.3347, 1.3383
Current trend
On Thursday, the instrument declined after the release of weak macroeconomic data from the United States, as well as due to the publication of Fed minutes, which signal in favor of continuing the cycle of interest rate cuts. The US Consumer Price Index in September showed a slowdown from 0.1% MoM to 0.0% MoM, which turned out to be worse than the forecast of 0.1% MoM. In annual terms, inflation remained at the previous level of 1.7% YoY with a forecast of 1.8% YoY. Core Consumer Price Index in September slowed down from 0.3% YoY to 0.1% YoY, while the market forecast a slowdown to 0.2% YoY.
Today the pair continues to decline. The market is waiting for the publication of data on Unemployment Rate and Employment Change in Canada (14:30 GMT+2). The market is expected to be highly volatile.
Support and resistance
Resistance levels: 1.3290, 1.3300, 1.3319, 1.3337, 1.3347, 1.3383.
Support levels: 1.3268, 1.3243, 1.3224, 1.3205.

Trading tips
Short positions may be opened from the level of 1.3265 with target at 1.3205. Stop loss — 1.3300.
Long positions may be opened from the level of 1.3320 with target at 1.3380 and stop loss at 1.3290.
Implementation time: 1-3 days.

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