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Intraday forecastUS Dollar / Canadian Dollar technical chart
SymbolUSDCAD
Release TimeMay 3, 2021 - 20:26
Advisesell (limit) below R1=1.231
Intraday
Short term
Yesterday range56
Yesterday high1.2322
Yesterday low1.2266
Yesterday close1.2295
R31.2385
R21.232
R11.231
S11.2255
S21.223
S31.22
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.231.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.2255.
TP4: S2=1.223.
Set the stoploss of these orders at breakout of R2=1.232.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=1.232.
In this situation, there is an expectation to reach the target R3=1.2385.
Set the stoploss of reverse orders at breakout of R1=1.231.

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