USD/CAD Likely To Move Above 1.26000 Mark
ByLCMS Traders FX Analysis Team
JUL 26, 2021
USD/CAD is currently trading 0.12% higher to 1.2582 after ending the last week lower at 1.2549. The pair on the decline ever since it made a high of 1.2087. The intraday support levels are at 1.2536 and 1.2505. The intraday resistance levels are at 1.2615 and 1.2649.
On the intraday charts, the pair has a couple of Doji that is perhaps an indication of an indecision period. However, the current price is near the SMA-14 (1.2559) support line. The SMA-50 is indicating support at 1.2300. The RSI is at 58 and the MACD is above the middle line. The mid-Bollinger band is at 1.2507 while the upper and lower bands are at 1.2721 and 1.2294 respectively. Following the intraday price pattern and considering the presence of the Doji the pair is likely to move above the 1.2600 mark. Therefore long position is ideal using the following levels
Direction: Buy
Entry: 1.2560
Take Profit: 1.2620
Stop-Loss: 1.2515
Bulls need to breach above the 1.2600 resistance level to once again take the pair higher. On the downside, an intraday closing below 1.2520 would be ideal for the bears to continue pressing on the downside.
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