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 |
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