ByLCMS Traders FX Analysis Team
JUL 8, 2021
USD/CAD bulls run is continuing as the pair moved up to 1.2571 ahead of the European session. Currently, the 1.2600 is likely to act as a stiff resistance area while the next hurdle would be at 1.2633. The intraday support levels are at 1.2534 and 1.2500.
On the intraday charts, the price pattern is strongly bullish. The pair is keeping above the moving averages, the SMA-14 support line is at 1.2378 and the SMA-50 support area is at 1.2205. The RSI is at 67 and the MACD is above the middle line and supportive of the bulls. The uptrend has accelerated after bulls managed to breach above 1.2500 level and it seems that the pair is likely to gain further which makes it ideal to buy the pair on small dips using the following levels.
Direction: Buy
Entry: 1.2535
Take Profit: 1.2590
Stop-Loss: 1.2490
An intraday closing above 1.26000 would keep the upwards momentum going meanwhile on the downside, bears require a sustained price action below 1.2470 to get back some control.
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