USD CAD Technical Analysis 8 October 2020
USD CAD Technical Analysis: The USD declined 0.42% against the CAD on Wednesday and closed at 1.3254. Today in the Asian session, while USD CAD technical Analysis 8 October 2020 is preparing at at 4:45 GMT, the USD/CAD trading at 1.3244, which is 0.08% lower against CAD from yesterday’s close.
The pair is expected to find the support at 1.3225 and a fall through could take it to the next support level of 1.3195. The pair is expected to find its first resistance at 1.3280, and a rise through could take it to the next resistance level of 1.3310. Today’s expected trading range is between 1.3150, support and 1.3340 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1.3225
Support 2: 1.3195
Support 3: 1.3150
Important resistance levels:
Resistance 1: 1.3280
Resistance 2: 1.3310
Resistance 3: 1.3340
USD/CAD buying opportunity for intraday trading on October 8, 2020
Buy near the support zones 1.3225 and 1.3195 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.
USD/CAD selling opportunity for intraday trading on October 8, 2020
Sell near the resistance zones 1.3280 and 1.3310 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.