USD/CAD: Trading recommendations

Yuri Papshev Independent Analyst

At the moment (from a technical point of view) there is still a possibility that USD/CAD will return to a bear market. This will be evidenced by the breakdown of the key long-term support level 1.2440.

At the same time, a rise into the zone above the resistance level of 1.2605 will increase the chances, and a breakout of the key long-term resistance level of 1.2950 will finally return USD/CAD to a long-term bull market. Long positions are still preferable in the current situation.

A signal for their growth will be a breakdown of the resistance levels 1.2588, 1.2605.

In an alternative scenario, the breakdown of the support levels 1.2500, 1.2440 will be a signal for the resumption of short positions.

Trading recommendations

Sell Stop 1.2520. Stop-Loss 1.2615. Take-Profit 1.2500, 1.2440, 1.2275, 1.2165, 1.2100, 1.2010.

Buy Stop 1.2615. Stop-Loss 1.2520. Take-Profit 1.2680, 1.2700, 1.2740, 1.2950.

Author

Yuri Papshev

Independent Analyst

Independent trader and analyst at Forex market. Trade experience - more than 10 years. In trade Yuri Papshev uses a combination of fundamental and technical analysis.

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