USD/CAD: Trade ideas for July 31
The USDCAD has consolidated above the 500 EMA and GANN line, because this pair has been in a strong bullish bias in recent days. Now, the Loonie is trying to reach the next level of resistance at the 1.0973. However, the bullish trend of the USDCAD has been very long in the past few days, so it is likely to come soon correcitve movements.
This pair could perform a bearish retracement to support level of 1.0812, where the Loonie could perform a rebound and try to climb up to the resistance level of 1.0973. For now, it is advisable to wait for the formation of a bullish pattern to continue placing buy orders in the USDCAD. CCI indicator is above the level of 100.
Trading recommendations: Hold your long positions until the resistance level of 1.0973 and we don't recommend to add new buy orders at the moment.