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USD/CAD is expected to trade in a lower range. The pair is capped by its 20-period moving average, which stays below the 50-period one. Meanwhile, the relative strength index is badly directed. The first target to the downside is therefore set at 0.9850. A breakout below this level would open the way to further weakness around 0.9820.
Trading Recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9850. A break of this target will move the pair further downwards to 0.9820. The pivot point stands at 0.9910. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9945 and the second target at 0.9970.
Resistance levels: 0.9945, 0.9970, 1.00
Support levels: 0.9850, 0.9820, 0.9775
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