- April 2, 2021
- Posted by: admin
- Category: forex trading, Market Insights
General overview: USD/CAD stands on slippery grounds after declining back below 100-SMA.Bearish MACD, sustained break of the key SMAs keep sellers hopeful. Immediate falling trend line, March top add to the upside barriers. The market is falling towards the downside in the market. The pair is creating the bearish signals in the market. The pair drops towards its lowest side in the market. The pair fined its breakout level at 1.2365 and again rises towards the higher side in the market. The trend is towards the downside and according to this study we can say that market stands towards the selling side in the market . The pressure is towards the downside in market and makes its momentum towards the south direction in the market.
Technical overview: From the technical point of view we can say that market is providing the sell signals to traders. The market is creating the potential rounding bottom to the sellers and move towards the sell signals in the market. On the 4 hourly charts the market is towards the bearish side in market and further market makes its potential move towards the selling side in the market. The pair is below the moving averages and creates further selling side in the market. The pair is getting support from the 200 SMA and 50 EMA lines for more bearish confirmation in the market. The indicator is also moving towards the bearish side in the market as the RSI and MACD is also leads towards the bearish side in the market. The support level is 1.2471 followed by 1.2400 and resistance level will be 1.2560 followed by 1.2600.
Trade idea: Our traders will sit towards the sell side below 1.2525 target will be 1.2460 -1.2400 stop loss will be 1.2600.