USD/CAD Downside Likely To Remain Limited

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 SEP 10, 2021

USD/CAD Daily Forecast

USD/CAD has once again moved below the 1.2700 mark and is currently trading 0.34% lower to 1.2622. The immediate support levels are at 1.26000 and 1.2574. The intraday resistance levels are at 1.2669 and 1.2692

The price pattern on the intraday chart is bearish however, the pair has multiple support areas near the current market price. The SMA-14 support line is at 1.2610 and the SMA-50 support area is at 1.2570. The mid-Bollinger band is at 1.2634 while the upper and lower bands are at 1.2788 and 1.24808 respectively. The RSI is still above the neutral zone though it has a downwards curve. Although, the intraday price pattern is bearish but with nearby support zones the pair is presenting opportunities on both sides.

A decent selling entry will be ideal using the following levels only if the pair breaks below the 1.2600 mark on the 4-hourly period.

Direction: Sell

Entry: 1.2595

Take Profit: 1.2555 – 1.2535

Stop-Loss: 1.2633

On the flip side, failing to breach below the 1.26000 support area favors buying entries using the following levels

Direction: Buy

Entry: 1.2610

Take Profit: 1.2655

Stop-Loss: 1.2582