SAR/CAD Currency Pair Forecast

SAR/CAD currency pair price ended at $0.363 on Friday, after losing 0.411%.
(Updated on May 31, 2024)

SARCAD Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 0.130%. Further rise is indicated until a new top pivot has been found. 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 SAR/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 $0.364 and $0.365. A break-up above any of these levels will issue buy signals. SAR/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. The currency pair had a Golden Star Signal on Wednesday, March 13, 2024 in the long-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.

Support, Risk & Stop-loss for SAR/CAD currency pair

SAR/CAD finds support from accumulated volume at $0.363 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 $0.0027 between high and low, or 0.735%. For the last week the currency pair has had daily average volatility of 0.642%.

Our recommended stop-loss: $0.345 (-5.02%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 36 days ago.)

Trading Expectations (SARCAD) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect SAR/CAD to open at $0.364, and during the day (based on 14 day Average True Range), to move between $0.361 and $0.366, which gives a possible trading interval of +/-$0.0027 (+/-0.74%) up or down from last closing price. If SAR/CAD takes out the full calculated possible swing range there will be an estimated 1.48% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.363 (0.06%) than the resistance at $0.364 (0.27%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is SAR/CAD currency pair A Buy?

SAR/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: -0.032 Hold/Accumulate Unchanged

Predicted Opening Price for SAR/CAD of Monday, June 3, 2024

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