ByLCMS Traders FX Analysis Team
MAY 5, 2021
USD/CAD continues moving below the 1.2300 mark despite having a couple of reversal patterns at the bottom. The current price is at 1.2284 with immediate support levels at 1.2266 and 1.2232. The intraday resistance levels are at 1.2316 and 1.2345.
On intraday charts, the pair’s outlook is strongly bearish. The SMA-14 is indicating resistance at 1.2400 and the SMA-50 resistance line is at 1.2523. The RSI is at 34 and once again away from an absolute oversold zone. The pair is also below the mid-Bollinger band while the upper and lower bands are at 1.2671 and 1.2213 respectively. Considering the intraday and 4-hourly charts, the pair is currently good to sell. A decent selling entry would be at or near 1.2315 with a target of 50 to 60 pips and a stop-loss at 1.2340.
An intraday closing above 1.2340 would give bulls the strength to build a recovery pattern and move towards the 1.2400 and 1.2460 resistance areas. On the downside, an intraday closing below 1.2260 would help bears extend the downside.
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