USD/CAD Points Higher Despite Wednesday’s Lower Closing

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 JUL 1, 2021

USD/CAD had a two-movement yesterday following a two days bull run. Currently, the pair is trading at 1.2407 with immediate resistance levels at 1.2427 and 1.2466. The intraday support levels are at 1.2376 and 1.2354.

USD/CAD Daily Technical Levels

Yesterday’s closing has formed a Doji pattern at the peak however with the USD gain strength a further rise in the pair is on the table. The SMA-14 is indicating support at 1.2323 while the SMA-50 support area is at 1.2198. The pair is also keeping above the mid-Bollinger band. The RSI is at 63 and the MACD is above the zero line. Considering the ongoing strength in the USD and analyzing the intraday price pattern suggests a further rise therefore buying entries are ideal on small dips at the following levels

Direction: Buy

Entry: 1.2375

Take Profit: 1.2440

Stop-Loss: 1.2345

An intraday closing above 1.2450 would pave the way for another higher weekly closing tomorrow. On the downside, an intraday closing below 1.2330 would be a setback to the bulls and bears would be able to take the pair further lower.