Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis

USD/CAD is currently trading at 1.2387 on the first of the new week. The intraday support levels are at 1.2355 and 1.2338. The 1.2400 level is acting as a stiff resistance area while other resistances are present at 1.2431 and 1.2455.

On the intraday charts, the pair is currently keeping above the SMA-14 which is at 1.2368 while the SMA-50 is indicating resistance at 1.2558. The mid-Bollinger band is at 1.2414 with upper and lower bands at 1.2573 and 1.2255 respectively. The RSI is at 42 and has an upwards curve while the MACD is histogram is now starting to indicate a bullish momentum. Although the pair is still in the sideways range but considering nearby support areas and analyzing the momentum indicators the pair is likely to rise above the 1.2400 mark. Therefore an intraday buying entry will be ideal near 1.2355 with a target of 1.2420 and a stop-loss at 1.2315.

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