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FX.co ★ Technical Analysis of USD/CAD for April 27, 2021

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Forex Analysis

2021-04-27T09:54:16
iconRelevance until2021-04-28

Technical Analysis of USD/CAD for April 27, 2021

Technical Analysis of USD/CAD for April 27, 2021

Overview :
  • Yesterday, the USD/CAD pair dropped sharply from the level of 1.2506 towards 1.2452.
  • Now, the price is set at 1.2411. On the H4 chart, the resistance of USD/CAD pair is seen at the level of 1.2506 and 1.2550.
  • It should be noted that volatility is very high for that the USD/CAD pair is still moving between 1.2506 and 1.2364 in coming hours.
  • Also, it should be noticed that support 1 is seen at the level of 1.2506 which coincides the daily pivot point.
  • Moreover, the price spot of 1.2506/1.2452 remains a significant resistance zone. Therefore, there is a possibility that the USD/CAD pair will move downside and the structure of a fall does not look corrective.
  • The market will indicate the bearish opportunity below 1.2506/1.2452, sell below 1.2506 or/and 1.2452 with the first target at 1.2364 in order to test yesterday's bottom.
  • Additionally, if the USD/CAD pair is able to break out the bottom at 1.2364, the market will decline further to 1.2287 in order to test the weekly support 2.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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