PEN/CAD Currency Pair Forecast

PEN/CAD currency pair price down 0.211% on Friday
(Updated on May 17, 2024)

PENCAD 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 PEN/CAD currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.367 and $0.368. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Sunday, April 14, 2024, and so far it has fallen -2.57%. Further fall is indicated until a new bottom pivot has been found. PEN/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 PEN/CAD currency pair

PEN/CAD finds support from accumulated volume at $0.362 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 $0.0026 between high and low, or 0.714%. For the last week the currency pair has had daily average volatility of 0.507%.

Our recommended stop-loss: $0.352 (-3.34%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 27 days ago.)

Trading Expectations (PENCAD) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect PEN/CAD to open at $0.365, and during the day (based on 14 day Average True Range), to move between $0.361 and $0.367, which gives a possible trading interval of +/-$0.0031 (+/-0.85%) up or down from last closing price. If PEN/CAD takes out the full calculated possible swing range there will be an estimated 1.70% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.362 (0.65%) than the resistance at $0.368 (0.91%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is PEN/CAD currency pair A Buy?

PEN/CAD holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: -0.578 Hold/Accumulate Unchanged

Predicted Opening Price for PEN/CAD of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.