USD CAD Technical Analysis 7 August 2020
USD CAD Technical Analysis: The USD rose 0.27% against the CAD on Thursday and closed at 1.3304. Today in the Asian session, while USD CAD technical Analysis 7 August 2020 is preparing at at 5:15 GMT, the USD/CAD trading at 1.3262, which is 0.43% higher against CAD from yesterday’s close.
The pair is expected to find the support at 1.3290 and a fall through could take it to the next support level of 1.3260. The pair is expected to find its first resistance at 1.3370, and a rise through could take it to the next resistance level of 1.3420. Today’s expected trading range is between 1.3235, support and 1.3470 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1.3290
Support 2: 1.3260
Support 3: 1.3235
Important resistance levels:
Resistance 1: 1.3370
Resistance 2: 1.3420
Resistance 3: 1.3470
USD/CAD buying opportunity for intraday trading on August 7, 2020
Buy near the support zones 1.3290 and 1.3260 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.
USD/CAD selling opportunity for intraday trading on August 7, 2020
Sell near the resistance zones 1.3370 and 1.3420 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.