Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 07-APR-2022

USD/CAD Daily Analysis

USD/CAD finally indicated a moderate sign of recovery in yesterday’s final trading session. Currently, the pair is trading at 1.2543 with immediate support levels at 1.2512 and 1.2471. The near-term resistance areas are at 1.2549 and 1.2574.

On the intraday charts, the pair has finally moved above the SMA-14 which is at 1.2522 while the SMA-50 resistance line is at 1.2666. The mid-band is at 1.2577 with the upper and lower bands at 1.2776 and 1.2378 respectively. The RSI is at 45 and still has a downwards curve. As of now, the pair appears to have broken the upper side of the small consolidation phase and appears to be rising further which makes it ideal for buying entries around 1.2515. The target for this trade will be 50 to 60 pips with a stop-loss at 1.2790.

The bulls need to close above the 1.2500 level. Failing to achieve that is likely to help bears once again take control and drag the price lower towards 1.2430 and 1.2390 in the coming.

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