USD/CAD: technical analysis and trading recommendations_11/04/2021
USD / CAD is traded in the bear market zone, staying below the key resistance levels 1.2525 (ЕМА200 on the monthly chart), 1.2570 (ЕМА200 on the daily chart), 1.2900 (ЕМА200 on the weekly chart).
However, one should also pay attention to today's breakdown of the important short-term resistance level 1.2387 (ЕМА200 on the 1-hour chart), which is the first signal of an upward correction that has begun.
Its nearest target is near the resistance level 1.2464 (ЕМА200 on the 4-hour chart). In case of its breakdown and further growth, the target will be the key resistance levels 1.2570, 1.2620 (ЕМА50 on the weekly chart).
However, only a breakdown of the resistance level 1.2900 can indicate the end of the USD / CAD downtrend.
So far, the downtrend prevails, and the breakdown of the support level 1.2387 will mark the resumption of the USD / CAD downtrend with targets at support levels 1.2290 (local 4-month lows), 1.2165 (the lower border of the descending channel on the weekly chart and the Fibonacci level of 50% of the downward correction in the wave growth of USD / CAD from 0.9700 to 1.4600), 1.1580 (61.8% Fibonacci level).
Support levels: 1.2387, 1.2290, 1.2165, 1.2010, 1.1580
Resistance levels: 1.2464, 1.2485, 1.2525, 1.2570, 1.2620, 1.2740, 1.2900
Sell Stop 1.2375. Stop-Loss 1.2465. Take-Profit 1.2290, 1.2200, 1.2165, 1.2010, 1.1580
Buy Stop 1.2465. Stop-Loss 1.2375. Take-Profit 1.2485, 1.2525, 1.2570, 1.2620, 1.2740, 1.2900