USD CAD Technical Analysis 7 December 2020
USD CAD Technical Analysis: The USD declined 0.60% against the CAD on Friday and closed at 1.2784. Today in the Asian session, while USD CAD technical Analysis 7 December 2020 is preparing at at 4:45 GMT, the USD/CAD trading at 1.2812, which is 0.22% higher against CAD from yesterday’s close.
The pair is expected to find the support at 1.2775 and a fall through could take it to the next support level of 1.2745. The pair is expected to find its first resistance at 1.2830, and a rise through could take it to the next resistance level of 1.2850. Today’s expected trading range is between 1.2700, support and 1.2910 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1.2775
Support 2: 1.2745
Support 3: 1.2700
Important resistance levels:
Resistance 1: 1.2830
Resistance 2: 1.2850
Resistance 3: 1.2910
USD/CAD buying opportunity for intraday trading on December 7, 2020
Buy near the support zones 1.2775 and 1.2745 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 December 7, 2020
Sell near the resistance zones 1.2880 and 1.2915 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.