USD/CAD Short Trade
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
USD/CAD Showing Some Life Finally
2021-05-27 • Updated
H4 Chart USD/CAD
Daily Chart USD/CAD
USD/CAD managed to bounce off its support area mentioned in our previous report at 1.2060’s and continued to rise throughout yesterday’s trading reaching as high as 1.2141 during the Asian session today, while our long position from 1.2060 is now in profit with +80 pips. In the meantime, it's wise to move the stop to breakeven (Entry) which means that this trade is now a risk-free trade. The worst-case scenario for such trade is no profit and no loss if the pair decided to decline back to our entry. Technical indicators are improving, which keeps the possibility for another bounce to our next target which stands at 1.22 followed by 1.2235.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
|
1.1928 |
1.2013 |
1.2068 |
1.2098 |
1.2153 |
1.2183 |
1.2268 |
Similar
Eyes on Bank of Canada's decision today
All eyes are headed toward the Bank of Canada today. Estimates point to no change both for the main rate and the ongoing QE which stands at $3B weekly.
USD/CAD trade is in profit
USD/CAD managed to advance further yesterday breaking above 1.21, reaching as high as 1.2128 earlier today, while our long signal that was issued at 1.2060 is now in profit with over +60 pips.
Latest news
How Will Amazon Price React To The Split?
What will happen? Amazon announced the company is going to make a 1 – 20 stock split on June 3 after the trading session close (23:30 GMT+3)…
CONSUMPTION AND ITS INFLUENCE ON THE ECONOMY
How to understand if an economy is accelerating or decelerating? What are the indicators that can guide us in this interpretation? One of the ways in which we can assess this situation is precisely the household consumption, which fundamentally refers to…
CREDIT CYCLES IN THE ECONOMY AND THE BRAZILIAN CASE
Credit cycles (or leverage cycles) represent moments in the economy of a country when families and companies get indebted, in order to invest or to spend in different segments, which ends up positively influencing the level of the general economic…
