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19.10.2022 01:45 PM
USD/CAD Technical Analysis and Trading Tips for October 19, 2022

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In general, the USD/CAD bullish trend prevails, and given the strong upward momentum, it is logical to assume further growth. USD/CAD is in the bull market zone, above the key support levels 1.3000 (200 EMA on the daily chart), 1.2910 (200 EMA on the weekly chart).

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As of writing, USD/CAD is trading near 1.3751, an important near-term support level, expressed by the 200-period moving average on the 1-hour chart. Its breakdown and the breakdown of the local support level 1.3657 may provoke a deeper corrective decline.

In the main scenario, and after the breakdown of the local resistance level 1.3830, the growth of USD/CAD will resume towards the upper border of the rising channel on the daily chart and the local resistance level 1.3977.

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The driver of today's movements in the pair may be the publication at (12:30, 14:30, 18:00 GMT) of important macro statistics for the US and Canada and the speech (at 22:30) of Federal Reserve Bank of St. Louis President James Bullard.

Support levels: 1.3751, 1.3609, 1.3526, 1.3500, 1.3450, 1.3090, 1.3000, 1.2910

Resistance levels: 1.3800, 1.3830, 1.3900, 1.3977, 1.4000

Trading Tips

Sell Stop 1.3650. Stop-Loss 1.3820. Take-Profit 1.3609, 1.3526, 1.3500, 1.3450, 1.3090, 1.3000, 1.2910

Buy Stop 1.3820. Stop-Loss 1.3650. Take-Profit 1.3900, 1.3977, 1.4000

Jurij Tolin,
Analytical expert of InstaForex
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