BRL/CAD Currency Pair Forecast
Red day on Friday for BRL/CAD
(Updated on May 10, 2024)
The BRL/CAD currency pair price fell by -0.312% on the last day (Friday, 10th May 2024) from $0.266 to $0.265. It has now fallen 3 days in a row. During the last trading day the currency pair fluctuated 1.46% from a day low at $0.265 to a day high of $0.269. The price has fallen in 6 of the last 10 days but is still up by 0.79% over the past 2 weeks. Volume has increased on the last day by 54 shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 605 shares were bought and sold for approximately $160.29 .
The currency pair lies in the middle of a narrow and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the currency pair is expected to fall -3.06% during the next 3 months and, with a 90% probability hold a price between $0.251 and $0.262 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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BRLCAD Signals & Forecast
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. The BRL/CAD currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $0.268 and $0.267. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, May 07, 2024, and so far it has fallen -2.11%. Further fall is indicated until a new bottom pivot has been found. BRL/CAD gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for BRL/CAD currency pair
BRL/CAD finds support from accumulated volume at $0.265 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 with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved $0.0039 between high and low, or 1.46%. For the last week the currency pair has had daily average volatility of 1.26%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BRLCAD) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect BRL/CAD to open at $0.266, and during the day (based on 14 day Average True Range), to move between $0.261 and $0.269, which gives a possible trading interval of +/-$0.0036 (+/-1.37%) up or down from last closing price. If BRL/CAD takes out the full calculated possible swing range there will be an estimated 2.74% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.265 (0.01%) than the resistance at $0.266 (0.43%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is BRL/CAD currency pair A Buy?
BRL/CAD holds several negative signals and is within a narrow and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this currency pair.
Current score: -6.371 Strong Sell Candidate Unchanged
Predicted Opening Price for BRL/CAD of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $0.266 ( 0.434%) | $0.265 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BRLCAD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.270 | 1.90 % | |
| R2 | 0.268 | 1.34 % | ||
| R1 | 0.268 | 0.99 % | ||
| Current price: | 0.265 | |||
| Support | S1 | 0.265 | -0.124 % | |
| S2 | 0.264 | -0.469 % | ||
| S3 | 0.262 | -1.03 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.273 | 3.12 % | |
| R2 | 0.273 | 2.96 % | ||
| R1 | 0.266 | 0.434 % | ||
| Current price | 0.265 | |||
| Support | S1 | 0.265 | -0.0131% | |
| S2 | 0.262 | -0.94% | ||
| S3 | 0.262 | -1.07% |
FAQ
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