Forex Analysis:::2021-04-27T09:54:16
Technical Analysis of USD/CAD for April 27, 2021
Overview :
- Yesterday, the USD/CAD pair dropped sharply from the level of 1.2506 towards 1.2452.
- Now, the price is set at 1.2411. On the H4 chart, the resistance of USD/CAD pair is seen at the level of 1.2506 and 1.2550.
- It should be noted that volatility is very high for that the USD/CAD pair is still moving between 1.2506 and 1.2364 in coming hours.
- Also, it should be noticed that support 1 is seen at the level of 1.2506 which coincides the daily pivot point.
- Moreover, the price spot of 1.2506/1.2452 remains a significant resistance zone. Therefore, there is a possibility that the USD/CAD pair will move downside and the structure of a fall does not look corrective.
- The market will indicate the bearish opportunity below 1.2506/1.2452, sell below 1.2506 or/and 1.2452 with the first target at 1.2364 in order to test yesterday's bottom.
- Additionally, if the USD/CAD pair is able to break out the bottom at 1.2364, the market will decline further to 1.2287 in order to test the weekly support 2.
Mourad El Keddani
Analyst InstaForex
