USD/CAD Bullish Momentum Continues Following Strength in the USD
ByLCMS Traders FX Analysis Team
JUL 20, 2021
USD/CAD has gained over 150 pips so far during this week. The upwards trajectory is largely attributed to the strength in the USD with the US dollar index (DXY) inching towards 93.00. The pair is currently trading at 1.2768 with immediate resistance levels at 1.2788 and 1.2822. The intraday support levels are at 1.2736 and 1.27000.
On the intraday charts, the RSI has entered into the overbought zone which might cause a slight correction. The SMA-14 and is at 1.2513 and the SMA-50 is at 1.2266. The pair is also keeping above the mid-Bollinger band (1.2460) while the upper and lower bands are at 1.2731 and 1.2189 respectively. The pair’s overall trend is bullish however, the RSI indicates a slight correction which can be well taken for a better buy entry using the following levels
Direction: Buy
Entry: 1.2720
Take Profit: 1.2785
Stop-Loss: 1.2685
The bulls are now eying to breach above the 1.2800 mark and require a sustained price action above 1.2750 to stay in the game. On the downside, an intraday closing below 1.2670 is needed for the bears to gain some control.
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