There is a buy opportunity in USDCAD
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.3987). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDCAD is in a down trend and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 66.
Take Profits:
TP1= @ 1.4245
TP2= @ 1.4348
TP3= @ 1.4667
SL= Break below S2
. There is a possibility of temporary retracement to suggested support line (1.3987). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDCAD is in a down trend and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 66.
Take Profits:
TP1= @ 1.4245
TP2= @ 1.4348
TP3= @ 1.4667
SL= Break below S2
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