USD/CAD | US Dollar to Canadian Dollar Trading Analysis
The USD/CAD dropped to a weekly low around 1.3991, but then recovered slightly. At the time of writing, it was trading at 0.66% down near 1.4015. Rising oil prices and a favorable market sentiment helped the CAD to recover against the USD. WTI oil rose above $27 in hopes that OPEC+ would agree on a production cut to stabilize the market.
USD/CAD, 30 min
Pivot: 1.4024
Analysis:
Provided that the currency pair is traded above 1.3995, follow the recommendations below:
The timeframe: 30 min
Recommendation: long position
Entry point: 1.4024
Take Profit 1: 1.4085
Take Profit 2: 1.4145
Alternative scenario:
In case of broken-down of the level 1.3995, follow the recommendations below:
The timeframe: 30 min
Recommendation: short position
Entry point: 1.3995
Take Profit 1: 1.3945
Take Profit 2: 1.3900
Comment:
RSI shows an upward momentum.
Key levels:
Resistance
Support
1.4185
1.3995
1.4145
1.3945
1.4085
1.3900
USD/CAD, D1
Pivot: 1.3950
Analysis:
While the price is below 1.4260, follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1.3950
Take Profit 1: 1.3730
Take Profit 2: 1.3510
Alternative scenario:
If the level 1.4260 is broken-out, follow the recommendations below.
Time frame: D1
Recommendation: long position
Entry point: 1.4260
Take Profit 1: 1.4450
Take Profit 2: 1.4660
Comment:
USD/CAD may fall by 756 points in the medium term, due to the "Double Top" pattern formed on the daily chart.
Key levels:
Resistance
Support
1.4660
1.3730
1.4450
1.3510
1.4260
1.3345
We also advise you to pay attention to the following currency pairs for intra-day trading:
GBP/USD – sell below 1. 2350 with 1. 2270 and 1.2250 as Take Profit targets. Alternative scenario - if the level of 1.2350 is broken-out, you should consider buying with the targets 1.2385 and 1.2420 as Take Profit. USD/JPY - short positions below 109.00 with 108.50 and 108.30 targets as Take Profit. Alternative scenario - if the level of 109.00 is broken-out, buy with the targets 109.25 and 109.40 as Take Profit. EUR/GBP - sell below 0.8869 with 0.8746 and 0.8710 targets as Take Profit. Alternative scenario - if the level 0.8869 is broken-down, buy with the TP 0.8930 and 0.8967.
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