USD/CAD Bears Strengthen Their Hold
ByLCMS Traders FX Analysis Team
APR 30, 2021
USD/CAD is trading almost unchanged at 1.2279 after having dropped below the psychological support line of 1.2300. The current price pattern is strongly bearish with immediate support levels at 1.2366 and 1.2328. The intraday resistance levels are at 1.2415 and 1.2458.
On the intraday charts, a three black soldier’s pattern is in making that is likely to help bears drag the price further lower. The RSI is at 31 and likely to enter a further oversold zone. The MACD is also below the zero line and supportive of the bears. The mid-Bollinger band is at 1.2485 and the expanded bands are indicating more volatility to come. Currently, the intraday and 4-hourly charts suggest a further decline therefore a sell entry would be ideal. A decent selling entry would be at near 1.2290 with a target of 1.2245 and a stop-loss at 1.2320.
A weekly closing below 1.2250 would help bears further extend the downside in the coming week. On the upside, bulls require a sustained price action above 1.2360 to get back into the game.
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