ByLCMS Traders FX Analysis Team
JUN 23, 2021
USD/CAD bulls have exhausted after almost touching the 1.2500 mark. The pair is currently trading at 1.2301 which is acting as a strong support area. Other support areas are present at 1.2282 and 1.2258. The intraday resistance levels are at 1.2334 and 1.2369.
On the intraday charts, a three black soldier’s pattern (bearish) is emerging. The moving averages are also indicating a bearish crossover. The mid-Bollinger is at 1.2170 while the upper and lower bands are at 1.2415 and 1.1924. The RSI is at 54 and has a downwards curve. Following the intraday and 4-hourly price patterns the pair is ideal to sell at the following levels
Direction: Sell
Entry: 1.2325
Take Profit Range: 1.2285 – 1.2255
Stop-Loss: 1.2350
An intraday closing below 1.2270 would further accelerate the downwards momentum. On the upside, bulls require a sustained price action above 1.2365 to regain control.
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