USD/CAD: how to trade
By Felipe Erazo
On the H1 chart, we can see that the USD/CAD has been in a steep decline for several days, but the pair found strong support at the 1.0625 level. Now the USD/CAD is trying to form a bullish pattern below the resistance level of 1.0669, so it is very likely that this pair fall to the level of 1.0647, where is located the 50.0 Fibo level.
However, remember that the USD/CAD is stronger in the current bullish trend, so if the pair manages to make a breakout on the resistance level of 1.0674, it’s expected to rise to the level of 1.0690, which is close to the 200 EMA. The CCI indicator remains below the level of 100.
Trading recommendations: Place buy orders only if the USD/CAD does a breakout at the resistance level of 1.0674, with take profit at 1.0690.
Chart. H1 USD/CAD