ByLCMS Traders FX Analysis Team
AUG 12, 2021
USD/CAD Daily Forecast
USD/CAD is currently trading at 1.2516 which happens to be the Fibo 38.2% retracement level. A break below the current level would likely help the bears to extend the downside. The intraday support levels are at 1.2500 and 1.2466. The intraday resistance levels are at 1.2541 and 1.2576.
The current price is keeping below the SMA-14 which is at 1.2521. The SMA-50 is indicating support way below at 1.2416. The RSI is at 51 and appears flat while the MACD is also indicating a bearish trajectory now. So for the intraday price pattern suggests that the bears are heading towards the Fibo 50% Retracement level (1.2408) which makes it ideal for intraday selling entries near 1.2525 with a target of 50 to 60 pips profit and a stop-loss at 1.2562.
Edited 12 Aug 2021, 21:11
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