USD/CAD analysis for July 18, 2018

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Recently, USD/CAD has been trading upwards. The price tested the level of 1.3250. According to the H4 time – frame, I found a potential end of the bearish corrctive phase (flat abc), which is a sign that selling looks risky. MACD oscillator is rising and that is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.3370.

Resistance levels: R1: 1.3244R2: 1.3285 R3: 1.3351

Support levels: S1: 1.3137 S2: 1.3070 S3: 1.3030

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company – www.instaforex.com