ByLCMS Traders FX Analysis Team
MAY 10, 2021
USD/CAD bears are keeping a stronghold and now targeting the 1.2100 mark. The current price is at 1.2110 with immediate resistance levels at 1.2135 and 1.2168. The near-term support levels are at 1.2118 and 1.2085.
The pair is currently trading at the lowest level since 2017. The weekly, monthly charts are strong bearish while on the intraday charts, the par is below the moving averages. The SMA-14 is at 1.2309 while the SMA-50 is at 1.2489. The RSI is at deep in the oversold zone and the MACD is below the zero line. Considering the intraday price charts, the pair is good to sell. However, considering the RSI’s oversold zone it would be wise to sell on rallies to filter out the intraday noise. A decent selling trade would be at or near 1.2145 with a target of 50 to 70 pips and a stop-loss at 1.2178.
An intraday closing below 1.21000 would help bears extend the downside further towards 1.2000. on the upside, bulls require sustained price action above 1.2250 to start building a recovery pattern.
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