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USD/CAD Crosses the First Hurdle To Challenge the 1.2700 Resistance Area

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USD/CAD Crosses the First Hurdle To Challenge the 1.2700 Resistance Area

ByLCMS Traders FX Analysis Team

 AUG 18, 2021

USD/CAD Daily Forecast

USD/CAD finally breached above the narrow trading to close at 1.2627 on Tuesday. Currently, the pair is trading almost unchanged at 1.2619 and appears to be rising further. The intraday resistance levels are at 1.2644 and 1.2681. The near-term support areas are at 1.2590 and 1.2573.

The two-day bullish momentum appears to be helping bulls challenge the 1.2700 resistance area. The pair is keeping above the moving averages, the SMA-14 is at 1.2537 and the SMA-50 is at 1.2455. On the intraday charts, the Bollinger bands appear to be contracting causing a possible squeeze that might lead to a bigger move during this week. The RSI is at 59 and supportive of the bulls. Following yesterday’s breach and analyzing the nearby resistance zones, the pair is ideal for buying entries using the following levels

Direction: Buy

Entry: 1.2600

Take Profit: 1.2640 -1.2670

Stop-Loss: 1.2570

 

USD/CAD Crosses the First Hurdle To Challenge the 1.2700 Resistance Area

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