FX.co ★ USD/CAD Technical Analysis and Trading Tips on December 21, 2022

Being above the key support levels 1.3190 (200 EMA on the daily chart), 1.2970 (200 EMA on the weekly chart), USD/CAD remains in the bull market zone.

In general, the upward dynamics prevails, and a breakdown of the 1.3625 resistance level (the upper limit of the short-term range) may become a signal to open new long positions.

The nearest target is the local resistance level (and the upper limit of the descending channel on the daily chart) 1.3700.

In an alternative scenario, the signal for the resumption of short positions will be a breakdown of today's low and the lower border of the aforementioned range 1.3590 with targets at support levels 1.3545 (200 EMA on the 4-hour chart) and 1.3520 (50 EMA on the daily chart). In turn, from these levels, you can plan new buy orders, given the USD/CAD bullish trend.

Support levels: 1.3615, 1.3590, 1.3545, 1.3520, 1.3450, 1.3290, 1.3190, 1.3145

Resistance levels: 1.3625, 1.3700, 1.3800, 1.3830, 1.3900, 1.3977, 1.4000

Trading Tips

Sell Stop 1.3580. Stop-Loss 1.3650. Take-Profit 1.3545, 1.3520, 1.3450, 1.3290, 1.3190, 1.3145

Buy Stop 1.3650. Stop-Loss 1.3580. Take-Profit 1.3700, 1.3800, 1.3830, 1.3900, 1.3977, 1.4000