USD/CAD: trade ideas
By Felipe Erazo
The USDCAD has found support at the 1.0646 level, where it is likely that this pair make a bullish rebound and go up to the resistance level of 1.0665. For now, the USDCAD is in pretty decisive levels, because if this pair manages to make a rebound at current levels, the bullish trend will strengthen in the short term.
However, as we see in the H1 chart, the USDCAD is below the 200 EMA. If the Loonie manages to make a breakout in the support level of 1.0646, it’s expected to fall to the level of 1.0630. On the other hand, if the USDCAD manages to make a breakout at the level of 1.0683, next target would be the 400 EMA (Golden line).
Trading recommendations: Place buy orders if the USDCAD does a breakout at the resistance level of 1.0665, with take profit at 1.0683. Also, you can place sell orders only if the USDCAD does a breakout at the support level of 1.0646.
Chart. H1 USD/CAD