USD CAD Technical Analysis 31 August 2020
USD CAD Technical Analysis: The USD declined 0.24% against the CAD on Thursday and closed at 1.3095. Today in the Asian session, while USD CAD technical Analysis 31 August 2020 is preparing at at 5:15 GMT, the USD/CAD trading at 1.3067, which is 0.22% lower against CAD from yesterday’s close.
The pair is expected to find the support at 1.3050 and a fall through could take it to the next support level of 1.3000. The pair is expected to find its first resistance at 1.3120, and a rise through could take it to the next resistance level of 1.3135. Today’s expected trading range is between 1.2955, support and 1.3165 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1.3050
Support 2: 1.3000
Support 3: 1.2955
Important resistance levels:
Resistance 1: 1.3120
Resistance 2: 1.3135
Resistance 3: 1.3165
USD/CAD buying opportunity for intraday trading on August 31, 2020
Buy near the support zones 1.3050 and 1.3000 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 August 31, 2020
Sell near the resistance zones 1.3120 and 1.3235 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.