ByLCMS Traders FX Analysis Team
JUL 15, 2021
USD/CAD managed to recover from a sharp decline of nearly 90 and closed well above 1.2516 on Wednesday. Currently, the pair is trading at 1.2536 with immediate resistance levels at 1.2548 and 1.2579. The intraday support levels are at 1.2485 and 1.2452.
Yesterday’s sharp recovery has formed a gravestone Doji pattern which indicates confusion among the bulls. However, on the technical indicators, the pair’s outlook is bullish. The SMA-14 support line is at 1.2439 while the SMA-50 showing a support area way below at 1.2228. The RSI is well above the neutral zone and appears to be entering the further bullish zone. The MACD is also in line with the RSI and favors the bulls. Following the intraday and 4-hourly price patterns, the pair is ideal to buy at dips using the following levels
Direction: Buy
Entry: 1.2485
Take Profit: 1.2555
Stop-Loss: 1.243
The bulls are likely to have stiff resistance near 1.2550 and require a sustained price action to breach the resistance and challenge the 1.26000 mark. On the downside, an intraday closing below 1.2450 would be ideal for the bears to take control and build a strong bearish pattern for the next week.
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