USD/CAD is holding above support

USD/CAD is holding above support

2021-06-03 • Updated

4H Chart                                             

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Daily Chart

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USD/CAD declined once again to the same support area between 1.2040 and 1.2020 which remains solid for over three weeks now. The pair managed to bounce off that area once again during the Asian session today, while yesterday’s decline was mainly driven by higher crude oil. In the meantime, the downside pressure has eased significantly, and the technical indicators are curling higher after being heavily oversold over the past few weeks. In the meantime, eyes are headed toward the Canadian Jobs Report tomorrow which may act as a catalyst for another leg higher. We prefer to keep our longs from 1.2060 and the pending order to buy again at 1.20 with a Stop Loss at 1.1980, eyeing 1.21 as a first target followed by 1.2170 and 1.22 later next week.

S3 S2 S1 Pivot R1 R2 R3
89.23

89.62

89.76

90.00

90.15

90.39

90.78

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