The Analytical Overview Of The Main Currency Pairs - Wednesday, Apr. 28

On Tuesday, the USD/CAD currency pair was trading in a narrow flat. This often happens after an impulsive move. The trend remains bearish, but the MACD has begun to show the first signs of divergence.

Trading recommendations

  • Support levels: 1.2379, 1.2280
  • Resistance levels: 1.2431, 1.2488, 1.2519, 1.2574

The strategy for the USD/CAD pair is to wait for this narrow flat to be broken in one of the directions. But taking into account the general context, it is best to look for short positions, because the support level has not been reached yet.

Alternative scenario: if the price breaks out and holds above 1.2509, a local up-trend might be formed for at least a week.

(Click on image to enlarge)

USD/CAD

News feed for 2021.04.28:

  • – Retail Sales at 15:30 (GMT+3);
  • – ECB President Christine Lagarde Speaks at 17:00 (GMT+3);
  • – FOMC Rate Decision at 21:00 (GMT+3);
  • – FOMC Press Conference at 21:30 (GMT+3).
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Disclosure: This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, ...

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