USD/CAD Bears Eyeing A Move Below 1.2200
ByLCMS Traders FX Analysis Team
MAY 6, 2021
USD/CAD continues to remain lower as the bears now eyeing the 1.2200 mark. Currently, the pair is trading at 1.2245 with immediate support levels at 1.2233 and 1.2200. The intraday resistance levels are at 1.2277 and 1.2325.
On intraday charts, the pair has moved below the critical support area of 1.2270 which has turned the price pattern further bearish. The RSI is at 32 and appears to be entering a further oversold zone. The MACD is also below the zero line and supportive of the bears. The pair is below the moving averages, the SMA-14 is at 1.2381 and the SMA-50 is at 1.2514. Considering the intraday and 4-hourly price patterns, the pair is once again presenting sell opportunities. An ideal sell entry would be at or near 1.2270 with a target range of 1.2230 – 1.2200 and a stop-loss at 1.2305
An intraday closing below 1.2220 would be an indication of a further lower move towards 1.2170 and 1.2140 in the coming days. On the upside, bulls require a sustained price action above 1.2330 to build a recovery pattern.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.