USD/CAD is finding support around 1.3000, in today’s session, the pair has moved 0.27% higher to 1.3070. The uptick is likely attributed to the US dollar that has recovered to a new weekly high. The pair’s immediate support is at 1.3040 while the 1.3000 is now acting as a major support area. The near term resistance is at 1.3085 another resistance can be seen around 1.3145 area.

On yesterday’s closing, a gravestone Doji pattern has emerged which is indicating the bears may have run out of steam. The RSI has slightly moved above the bearish zone while the MCAD is indicating a possible bullish crossover. The pair is currently good to buy on dips. A reasonable buy entry would be at 1.3050 with a target of 50 to 60 pips. A tight stop-loss would be just below the 1.3000 support level.

Closing above 1.3140 would be needed for the bulls to keep the control. On the downside, 1.300 is acting as a major support level and only a breach below this level would provide some support to the bears.


Get notified when there is a new post. Read new post to earn 10 points!

1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)

Rate an article for points!

By ForexBriefcase Analyst Team

To be the leading global multi-account manager, providing our clients with capital protection and competitive return-on-investment with our unequaled industry expertise and knowledge. ForexBriefcase Website

Leave a Reply

Your email address will not be published. Required fields are marked *