USD/CAD is out of the range

USD/CAD is out of the range

2021-06-14 • Updated

4H Chart         

usdcad h4.png                                                                                                                               

Daily Chart

usdcad daily.png

USD/CAD managed to breakout of its tight range on Friday, reaching as high as 1.2177, and posted the highest daily close since mid-May, while the technical indicators are clearly bullish, which confirms the upside retracement outlook. In the meantime, our long position from 1.2060 mentioned last week has +100 pips in profit, while our stop remains at our entry. Any downside pressure this week is likely to remain short-lived above 1.21, while the final target for this trade remains at 1.22.

S3

S2

S1

Pivot

R1

R2

R3

1.1944

1.2041

1.2100

1.2138

1.2197

1.2235

1.2332

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