USD/CAD: Trade ideas for Sep. 1

Felipe Erazo

The USDCAD continues moving in the range below 500 EMA, since this pair is finding resistance at the level of 1.0881 on h1 chart, which would mean a bullish retracement.

It is likely that this pair climb to the resistance level of 1.0903, where is the 200 EMA, and the USDCAD could do a pullback in that level, to fall to the support level of 1.0789. If the USDCAD manages to make a breakout at that level, it would be expected to fall until the support level of 1.0718. The RSI indicator stays in positive territory.

Trading recommendations: Place sell orders if the USDCAD does a pullback at the resistance level of 1.0903, with take profit at 1.0810. Also, you can place sell orders if the pair does a breakout at the support level of 1.0810, with take profit at 1.0718.

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