Intraday Technical Outlook:
The USD/CAD pair was trading within the depicted uptrend line started on the 3rd of May. However, its movement has been sideways or tending to be bearish for the last two days.
The USD/CAD made bearish breakout below the Yellow & Blue channels which indicates some bearish tendency of the pair.
The backside of the lower limit of the broken channels is being tested around price level 1.0420 which also corresponds to the upper limit of the Violet Channel.
The USD/CAD pair INTRADAY outlook remains bearish as long as the pair is trading below 1.0445.
In the short-term prospective, the USD/CAD pair remains bullish as long as the pair is trading above Support Level 1.0310 then above the previous congestion zone 1.0230-1.0150 on the mid-term.
Intraday Support & Resistance Levels:
Support :
S1: 1.0370
S2: 1.0300
S3:1.0230
S4: 1.0150.
Resistance :
R1: 1.0400
R2 : 1.0450.
Trade Recommendations:
If you have current SELL entry taken at price level 1.0440, keep holding it with some profit taking at 1.0370 and move its SL to breakeven.
- Price Level 1.0420 constitutes a valid intraday SELL entry with SL located above 1.0470 & TP levels at 1.0390 & 1.0340.
- Price Level 1.0300 constitutes a valid BUY entry with SL located below 1.0220 while TP levels are to be located at 1.0350, 1.0395 & 1.0475.
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