USD/CAD slightly recovered in yesterday’s session to 1.3324, however, in today’s session bulls are having strong resistance around the same level. The current market price is at 1.33067 with immediate support at 1.3270 other supports are at 1.3245 and 1.3222 areas. The intraday resistance is at 1.3320 another resistance is at 1.3354.

The pair is below the mid-Bollinger band while the lower band is indicating support at 1.3213. The SMA-21 is indicating support at 1.3268 and the SMA-50 is showing support at 1.3236. The RSI is near the neutral zone and appears to be flat. The weekly price pattern is bullish, however, the intraday and 4-hourly charts are moderately bearish and favor sell entries. A decent selling entry would be at 1.3320 with a target of 1.3265. A tight stop-loss for this trade would be just above the 1.3360 resistance area.

An intraday closing below 1.3300 would once again present more control to the bears. Bulls need an intraday closing above 1.3360 to stay in control.


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By LCMS Traders FX Analysis Team

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