Friday Morning Technical Levels – USD/CAD
Skerdian Meta • 2 min read
Today is Friday and the North American traders are off for Thanksgiving, so happy Thanksgiving to all FXML followers who celebrate this day. Have a good one, fellas, and don´t shove your turkey down in one go. I expect the forex market to be relatively quiet today, particularly in the afternoon. But at the same time, the OPEC cartel meeting is continuing today as well, so there is still risks for the Canadian Dollar. So let´s have a quick look at the support/resistance levels in USD/CAD.
The support levels are more visual than the resistance ones.
The first resistance level in this forex pair is 1.3450-55, which was the high back in September 2015 and that´s where we can find the 100 simple moving average (100 SMA) on the H4 USD/CAD chart. Below there comes the low of the last two weeks in an area between 1.3375-1.34, so that´s the second support level.
Another support level is provided by the 200 SMA on the H4 forex chart and it comes around 1.3260-70. But before that, we have the 50 SMA on the daily chart at 1.33, so these are the closest support levels as they present themselves step by step.
Resistance is a bit scarce because we haven´t been around these levels since February. There are no moving averages on the top side because they are just catching up with the price, so the recent highs will be the possible resistance levels. The first one comes at around 1.3400-10, followed by yesterday´s high at 1.3430s, and this Autumn´s swing high at 1.3585.
These are the support/resistance levels for USD/CAD, so try to use these to define risk if you´re planning on trading this forex pair today.