USD/CAD: Trade ideas for September 9
On the H4 chart, the USDCAD has made a bullish rebound on the support level of 1.0874, where is located the 500 EMA (Red Line). If the USDCAD manages to make a breakout at the resistance level of 1.0990, the next objective would be the level of 1.1055.
However, the USDCAD could carry out a pullback in that resistance level and fall back to the support level of 1.0929. If this pair manages to consolidate below that level, it's expected to fall to where this located the 500 EMA. The RSI indicator this area of overbought in the 70 level.
Trading recommendations: Put buy orders if the USDCAD does a breakout at the resistance level of 1.0990, with take profit at 1.1055.