ByLCMS Traders FX Analysis Team
JUN 9, 2021
USD/CAD briefly moved above the 1.2100 level yesterday and is now once again trading 0.23% lower to 1.2087. The intraday support levels are at 1.2072 and 1.2055. The near-term resistance areas are at 1.2112 and 1.2144.
The pair is moving within the ongoing trading range which has led to a Bollinger bands squeeze and it appears the pair might move on either side. The SMA-14 is indicating support at 1.2073 while the SMA-50 is indicating resistance at 1.2276. The RSI is at 44 and the MACD is below the zero line. Following the narrow trading range, the pair continues to present opportunities on both sides. A decent buying entry is ideal at the following levels
Direction: Buy
Entry: 1.2065
Take Profit: 1.2115
Stop-Loss: 1.2030
On the other hand, a sell entry is ideal at the following levels
Direction: Sell
Entry: 1.2125
Take Profit: 1.2065
Stop-Loss: 1.2155
On the intraday charts, it’s still unclear which side the pair is likely to breach. However, based on the weekly charts the pair is more vulnerable to the downside and an intraday closing at or near 1.2030 would be an indication of a breach below 1.2000 in the coming days.
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