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USD/CAD: oil prices and Canadian dollar strengthened slightly

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Current trend Over the past few days, the financial markets remain under pressure from China's stock market collapse which affected the American and European markets, the Yuan devaluation, tumbling oil prices and the uncertainty about prospects for the US interest rates. The USD dynamics was mixed. The currency was weakening against the EUR, the CHF and the GBP, and, at the same time, it was strengthening against the NZD, the AUD and the CAD. Together with falling oil prices, the situation in the US and Canadian economies influences the USD/CAD pair dynamics. While the US economy is growing steadily, the Canadian economy, on the contrary, faces some difficulties. A decline in GDP, a crisis in some sectors of the economy and the loose monetary policy affect the national currency. Thus, amid the situation in the economy of Canada and plunging oil prices, the USD/CAD pair should strengthen in the medium term. Support and resistance On the daily, weekly and monthly charts, OsMA and Stochastic give buy signals; while on the 4-hour chart they indicate sales. A correction to the levels of 1.3140, 1.3060 is possible. Fundamental factors contribute to the further growth. In the long term, the pair may reach 1.4000 (2004 year highs); in the medium term, it is likely to rise to 1.3500. If only the price breaks down the level of 1.2800, medium-term short positions with targets at 1.2650, 1.2540, 1.2290 (23.6% Fibonacci) may become valid. Support levels: 1.3000, 1.3060, 1.3100, 1.3140, 1.3200. Resistance levels: 1.3250, 1.3300. Trading tips Open long positions from 1.3150, 1.3190, 1.3200 with the target at 1.3290 and stop-loss at 1.3120. Place BuyLimit orders from 1.3060, 1.3010 with targets at 1.3200, 1.3290 and stop-loss at 1.2980. If the level of 1.2960 is broken down, open short-term short positions with targets at 1.2820, 1.2800.  

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