ByLCMS Traders FX Analysis Team
JUL 28, 2021
USD/CAD gained nearly 50 pips yesterday to close at 1.2591. Currently, the pair is trading almost unchanged at 1.2586 with immediate support levels at 1.2572 and 1.2553. The intraday resistance levels are at 1.2600 and 1.2635.
Yesterday’s upwards tick ended almost five days downwards streak and the pair is now keeping above the SMA-14 which is at 1.2567. The SMA-50 support line is at 1.2319. The mid-Bollinger band is at 1.2524 while the upper and lower bands are at 1.2725 and 1.2322. The RSI is at 58 and appears flat. Currently, a couple of Doji formations are also present near the current price level that indicates the downwards correction is ending. Considering the nearby support areas and analyzing the intraday price pattern the pair is ideal for buying on small dips using the following levels
Direction: Buy
Entry: 1.2565
Take Profit Range: 1.2615 – 1.2640
Stop-Loss: 1.2532
An intraday closing above 1.26000 would offer a new lifeline to the bulls and once again help them move higher. On the downside, an intraday closing below 1.2530 is needed for the bears to gain further control during this week.
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