ByLCMS Traders FX Analysis Team
AUG 23, 2021
USD/CAD Daily Forecast
USD/CAD is trading 0.48% lower to 1.27338 after briefly touching the 1.2900 mark last week. The intraday support levels are at 1.2700 and 1.2677 while the intraday resistance levels are at 1.2765 and 1.2800.
The intraday price is currently bullish however, the only 4-hourly chart the pair is indicating a further bearish momentum. The SMA-14 is indicating support at 1.2600 while the SMA-50 support line is at 1.2495. The RSI is at 62 and has a downwards curve while the MACD is also favoring the bears. Following the intraday price pattern, today’s correction can be well taken for a decent buying entry using the following levels
Direction: Buy
Entry: 1.2725
Take Profit: 1.2780
Stop-Loss: 1.2685
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