USD CAD Technical Analysis 5 August 2020
USD CAD Technical Analysis: The USD declined 0.52% against the CAD on Tuesday and closed at 1.3318. Today in the Asian session, while USD CAD technical Analysis 5 August 2020 is preparing at at 5:15 GMT, the USD/CAD trading at 1.3373, which is 0.33% lower against CAD from yesterday’s close.
The pair is expected to find the support at 1.3250 and a fall through could take it to the next support level of 1.3200. The pair is expected to find its first resistance at 1.3333, and a rise through could take it to the next resistance level of 1.3385. Today’s expected trading range is between 1.3180, support and 1.3420 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1.3250
Support 2: 1.3200
Support 3: 1.3180
Important resistance levels:
Resistance 1: 1.3333
Resistance 2: 1.3385
Resistance 3: 1.3420
USD/CAD buying opportunity for intraday trading on August 5, 2020
Buy near the support zones 1.3250 and 1.3200 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 5, 2020
Sell near the resistance zones 1.3333 and 1.3385 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.
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