USD/CAD Showing Some Life Finally

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









USD/CAD Short Trade
USD/CAD Short Trade

USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.

Eyes on Bank of Canada's decision today
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 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.

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