TRY/CAD Currency Pair Forecast

Red day on Thursday for TRY/CAD currency pair after losing 0.264%
(Updated on May 16, 2024)

TRYCAD Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, March 29, 2024, and so far it has risen 1.59%. 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 TRY/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 $0.0423 and $0.0423. A break-up above any of these levels will issue buy signals. TRY/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 Monday, April 29, 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.

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

TRY/CAD finds support from accumulated volume at $0.0421 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 $0.0005 between high and low, or 1.18%. For the last week the currency pair has had daily average volatility of 1.09%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (TRYCAD) For The Upcoming Trading Day Of Friday 17th

For the upcoming trading day on Friday, 17th we expect TRY/CAD to open at $0.0422, and during the day (based on 14 day Average True Range), to move between $0.0416 and $0.0427, which gives a possible trading interval of +/-$0.0005 (+/-1.30%) up or down from last closing price. If TRY/CAD takes out the full calculated possible swing range there will be an estimated 2.60% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.0421 (0.12%) than the resistance at $0.0423 (0.31%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is TRY/CAD currency pair A Buy?

TRY/CAD holds several negative signals and is within a 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: -3.121 Sell Candidate Unchanged

Predicted Opening Price for TRY/CAD of Friday, May 17, 2024

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