USDCAD LONG opportunity seen today 22-09-2022
As we can clearly see dollar index is strong enough to hold 110 levels. Clearly it can be found out that the pair USDCAD is gaining new highs, yesterday's Federal interest increment in its percentage did weaken the pair but a strong demand for Dollar still awaits new heights.
We can clearly see above RSI is above 60 for the day it’s flat but it’s about 60 which means the strength in the trend exists so shorting USDCAD on daily basis below the breach of 1.34000 can bring substantial risk. However, buying at dips could bring in some profits subject to the Support is taken above 20 EMA and price is closing above 20 EMA.
From the technical analysis perspective, we could also see USDCAD is able to survive above the second resistance level, which stood at 1.34000. However it did retrace early mornings of the Asian session from its third resistance of 1.35500 so we expect USDCAD to be range bound today between 1.34000 to top end of 1.35500.
We can clearly see above RSI is above 60 for the day it’s flat but it’s about 60 which means the strength in the trend exists so shorting USDCAD on daily basis below the breach of 1.34000 can bring substantial risk. However, buying at dips could bring in some profits subject to the Support is taken above 20 EMA and price is closing above 20 EMA.
From the technical analysis perspective, we could also see USDCAD is able to survive above the second resistance level, which stood at 1.34000. However it did retrace early mornings of the Asian session from its third resistance of 1.35500 so we expect USDCAD to be range bound today between 1.34000 to top end of 1.35500.