USD/CAD is holding above support

USD/CAD is holding above support

2021-06-03 • Updated

4H Chart                                             

Picture1.png

Daily Chart

Picture2.png

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

Similar

When Will the US Stocks Bear Market Bottom?
When Will the US Stocks Bear Market Bottom?

US stocks have delivered their worst first half of a year in more than 50 years triggered by the Fed's attempt to control inflation and growing concerns about recession.

Latest news

UK: No Longer a Leading Economy
UK: No Longer a Leading Economy

The current situation is terrible, and the future is worse for the United Kingdom. Will the British pound withstand the challenges that await the UK economy, or will it collapse?

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera