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Weekly forecast US Dollar / Canadian Dollar technical chart
Symbol USDCAD

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateJune 6, 2021 - 23:56
Currentdowntrend
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.20100, beginning of uptrend is expected.
  • We make sure when the resistance at 1.26500 breaks.
  • If the support at 1.20100 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A trough is formed in daily chart at 1.2010 on 05/18/2021, so more gains to resistance(s) 1.2200, 1.2365, 1.2470 and maximum to Major Resistance (1.2650) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 42.

Supports and Resistances:

  1. 1.4665
  2. 1.3710
  3. 1.3420
  4. 1.3170
  5. 1.2955
Click on the level to view price action history.

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