FX.co - USD/CAD analysis for April 07, 2022 - Strong demand and potential for test of 1.2590

2022-04-07T11:30:46

Relevance until2022-04-08

Technical analysis:

USD/CAD analysis for April 07, 2022 - Strong demand and potential for test of 1.2590

USD/CAD has been trading upside yesterday and today I see potential for the upside continuation towards next upside references.

Trading recommendation:

Due to strong upside cycle in the background and rejection of the rising trend-line, I see potential for the upside continuation.

Watch for potential buying opportunities on the dips with the upside objectives at 1.285 and 1.2640.

MACD is showing bull reading and no divergence, which is sign that buyers are in control.

Intraday support is set at 1.2535

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ USD/CAD analysis for April 07, 2022 - Strong demand and potential for test of 1.2590