BGN/CAD Currency Pair Forecast
BGN/CAD currency pair upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 10, 2024)
The BGN/CAD currency pair price fell by -0.138% on the last day (Friday, 10th May 2024) from $0.754 to $0.753. It has now fallen 3 days in a row. During the last trading day the currency pair fluctuated 0.667% from a day low at $0.750 to a day high of $0.755. The price has fallen in 6 of the last 10 days but is still up by 0.69% over the past 2 weeks. Volume fell on the last day along with the currency pair, which is actually a good sign as volume should follow the currency pair. On the last day, the trading volume fell by -2 thousand shares and in total, 85 thousand shares were bought and sold for approximately $63.65 thousand.
The currency pair is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect BGN/CAD currency pair with a 90% probability to be traded between $0.751 and $0.762 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
BGNCAD Signals & Forecast
The BGN/CAD currency pair holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the currency pair giving a positive forecast for the stock. On further gains, the currency pair will meet resistance from the short-term Moving Average at approximately $0.753. On a fall, the currency pair will find some support from the long-term average at approximately $0.750. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, May 07, 2024, and so far it has fallen -0.255%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this currency pair may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued. The currency pair had a Golden Star Signal on Sunday, April 28, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star
The currency pair had a Golden Star Signal on Sunday, April 28, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
A buy signal from a double bottom formation was found on Monday, April 22, 2024 and based on theory for this formation the price should go up by 0.390% to $0.756 within 16 trading days since signal was issued (Monday, May 13, 2024).
Support, Risk & Stop-loss for BGN/CAD currency pair
BGN/CAD finds support from accumulated volume at $0.752 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved $0.0050 between high and low, or 0.667%. For the last week the currency pair has had daily average volatility of 0.457%
Our recommended stop-loss: $0.725 (-3.75%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (BGNCAD) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect BGN/CAD to open at $0.752, and during the day (based on 14 day Average True Range), to move between $0.749 and $0.757, which gives a possible trading interval of +/-$0.0039 (+/-0.52%) up or down from last closing price. If BGN/CAD takes out the full calculated possible swing range there will be an estimated 1.04% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.753 (0.02%) than the support at $0.752 (0.15%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is BGN/CAD currency pair A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for BGN/CAD currency pair to perform well in the short-term period. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.899 Buy Candidate Upgraded
Predicted Opening Price for BGN/CAD of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $0.752 ( 0.0680%) | $0.753 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BGNCAD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.757 | 0.597 % | |
| R2 | 0.755 | 0.343 % | ||
| R1 | 0.754 | 0.186 % | ||
| Current price: | 0.753 | |||
| Support | S1 | 0.750 | -0.322 % | |
| S2 | 0.749 | -0.479 % | ||
| S3 | 0.747 | -0.732 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.754 | 0.173 % | |
| R2 | 0.753 | 0.0550 % | ||
| R1 | 0.753 | 0.0152 % | ||
| Current price | 0.753 | |||
| Support | S1 | 0.752 | -0.153% | |
| S2 | 0.751 | -0.192% | ||
| S3 | 0.751 | -0.317% |
FAQ
Click here for our free guide on how to buy BGN/CAD Currency pair.
