ByLCMS Traders FX Analysis Team
MAY 14, 2021
USD/CAD is trading 0.29% lower to 1.2134 after closing in the positive zone for 3 consecutive days. The intraday support levels are at 1.2110 and 1.2072. The near-term resistance areas are at 1.2166 and 1.2179.
On the intraday charts, the pair has a strong recovery pattern emerging at the bottom. A Doji is followed by a small hammer and then another bullish candle. However, today’s downwards momentum is likely to be a small corrective move. The SMA-14 is indicating resistance at 1.22119 while the SMA-50 is showing resistance at 1.24473. The RSI is at 32 and has come out of the absolute oversold zone. The MACD’s divergence is still intact. Based on the intraday price pattern, the current downwards move can be well taken for a buy entry. An ideal buy entry would at or near 1.2130 with a target of 1.2175 and a stop-loss at 1.2105.
A weekly closing above 1.2170 would be ideal for the bulls to build a higher momentum during the next week. On the downside, a weekly closing below 1.2100 would strengthen the bears and put them in a better position to challenge the 1.2060 and 1.2000 support levels.
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