USD/CAD: Trading Recommendations
Yuri Papshev | Jun 09, 2021 07:24AM ET
USD/CAD is trading below important long-term resistance levels 1.2450, 1.2970, 1.2670. Remaining below the key resistance levels 1.2450, 1.2670, in fact, USD/CAD is in the bear market zone. A breakdown of the short-term support level of 1.2085 will be a signal for the resumption of short positions in USD/CAD.
In an alternative scenario, a signal for a possible start of a reversal and breaking of the bearish trend will be a breakdown of important resistance levels 1.2160 (Fibonacci level 50% of downward correction in the wave of USD / CAD growth from 0.9700 to 1.4600), 1.2175 with the prospect of growth to resistance levels 1.2450, 1.2670.
Support levels: 1.2085, 1.2010
Resistance levels: 1.2118, 1.2160, 1.2175, 1.2240, 1.2450, 1.2540, 1.2670, 1.2740
Sell by market, Sell Stop 1.2080. Stop-Loss 1.2120. Take-Profit 1.2010, 1.1900
Buy Stop 1.2120. Stop-Loss 1.2080. Take-Profit 1.2160, 1.2175, 1.2240, 1.2450, 1.2540, 1.2670, 1.2740
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