ByLCMS Traders FX Analysis Team
MAY 6, 2021
USD/CAD continues to remain lower as the bears now eyeing the 1.2200 mark. Currently, the pair is trading at 1.2245 with immediate support levels at 1.2233 and 1.2200. The intraday resistance levels are at 1.2277 and 1.2325.
On intraday charts, the pair has moved below the critical support area of 1.2270 which has turned the price pattern further bearish. The RSI is at 32 and appears to be entering a further oversold zone. The MACD is also below the zero line and supportive of the bears. The pair is below the moving averages, the SMA-14 is at 1.2381 and the SMA-50 is at 1.2514. Considering the intraday and 4-hourly price patterns, the pair is once again presenting sell opportunities. An ideal sell entry would be at or near 1.2270 with a target range of 1.2230 – 1.2200 and a stop-loss at 1.2305
An intraday closing below 1.2220 would be an indication of a further lower move towards 1.2170 and 1.2140 in the coming days. On the upside, bulls require a sustained price action above 1.2330 to build a recovery pattern.
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