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USD/CAD: technical analysis and trading recommendations_05/20/2021

USD/CAD:  technical analysis and trading recommendations_05/20/2021

At the beginning of today's American session, the USD / CAD pair is traded near the mark of 1.2127, 4 pips above the important short-term support level 1.2123 (EMA200 on the 1-hour chart).

USD/CAD:  technical analysis and trading recommendations_05/20/2021

A breakout of this level and growth into a zone above it is a bullish signal for USD / CAD. The breakdown of the important resistance level 1.2302 (ЕМА200 on the 4-hour chart) will confirm the bullish scenario with the prospect of growth to the resistance levels 1.2640 (ЕМА144 on the daily chart), 1.2760 (ЕМА200 on the daily chart).

USD/CAD:  technical analysis and trading recommendations_05/20/2021

Below the resistance levels 1.2302, 1.2365, the long-term downward dynamics of the USD / CAD pair, which has been actively declining since March 2020 against the background of a weakening USD and an increase in oil prices, remains.

USD/CAD:  technical analysis and trading recommendations_05/20/2021

Remaining below the key resistance levels 1.2760, 1.2740 (Fibonacci level 38.2% of the downward correction in the wave of USD / CAD growth from 0.9700 to 1.4600) USD / CAD is in the bear market zone. A breakdown of the support level 1.2123 will be a signal for the resumption of short positions.

Support levels: 1.2100, 1.2015, 1.2000

Resistance levels: 1.2123, 1.2160, 1.2302, 1.2365, 1.2450, 1.2640, 1.2760, 1.3000

Trading scenarios

Sell Stop 1.2095. Stop-Loss 1.2150. Take-Profit 1.2015, 1.2000

Buy Stop 1.2150. Stop-Loss 1.2095. Take-Profit 1.2302, 1.2365, 1.2450, 1.2640, 1.2760, 1.3000

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