ByLCMS Traders FX Analysis Team
SEP 10, 2021
USD/CAD Daily Forecast
USD/CAD has once again moved below the 1.2700 mark and is currently trading 0.34% lower to 1.2622. The immediate support levels are at 1.26000 and 1.2574. The intraday resistance levels are at 1.2669 and 1.2692
The price pattern on the intraday chart is bearish however, the pair has multiple support areas near the current market price. The SMA-14 support line is at 1.2610 and the SMA-50 support area is at 1.2570. The mid-Bollinger band is at 1.2634 while the upper and lower bands are at 1.2788 and 1.24808 respectively. The RSI is still above the neutral zone though it has a downwards curve. Although, the intraday price pattern is bearish but with nearby support zones the pair is presenting opportunities on both sides.
A decent selling entry will be ideal using the following levels only if the pair breaks below the 1.2600 mark on the 4-hourly period.
Direction: Sell
Entry: 1.2595
Take Profit: 1.2555 – 1.2535
Stop-Loss: 1.2633
On the flip side, failing to breach below the 1.26000 support area favors buying entries using the following levels
Direction: Buy
Entry: 1.2610
Take Profit: 1.2655
Stop-Loss: 1.2582
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