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The USD / CAD pair in 4-hour charts is trading within a symmetrical triangle technical pattern. This pattern formation is due to the fact that the market is uncertain if the pair continues with the uptrend or makes a correction for a trend change.
The risk aversion in the markets is causing the US Dollar to strengthen. Meanwhile, its index (USDX) is trading at highs since the beginning of April above 93.10.
The strong resistance zone of +1/8 murray (1.2810) is a level of an imminent bearish move. We believe that if USD / CAD fails to break this level, it will be a good opportunity to sell.
In addition, if the price breaks sharply the symmetric triangle below the lower line, around 1.2750 and consolidates below this zone, it will be a good selling opportunity with targets in the zone of the SMA of 21 located at 1.2647.
The technical reading of the eagle indicator is showing a bearish signal, which could support our bearish outlook. Therefore, we should wait for the entry signal below 1.2750.
Our recommendation is to sell below 1.2810 (+1/8) or if it consolidates below 1.2750, with targets at 1.2647 and 1.2610, support of the bullish channel.
Support and Resistance Levels for July 20 - 21, 2021
Resistance (3) 1.2878
Resistance (2) 1.2829
Resistance (1) 1.2774
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Support (1) 1.2680
Support (2) 1.2624
Support (3) 1.2582
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Trading tip for USD/CAD for July 20 - 21, 2021
Sell below 1.2750 (symmetrical triangle), with take profit at 1.2647 and 1.2610, stop loss above 1.2785.
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