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USD/CAD: technical analysis and trading recommendations_06/09/2021

USD/CAD: technical analysis and trading recommendations_06/09/2021

At the beginning of today's American session, the USD / CAD pair is traded slightly below 1.2100 mark, at a short-term support level 1.2085 (ЕМА200 on the 1-hour chart), still maintaining a tendency to further decline, including against the backdrop of strong fundamental factors.

USD/CAD: technical analysis and trading recommendations_06/09/2021

The pair is traded below the important long-term resistance levels 1.2450 (ЕМА200 on the monthly chart), 1.2970 (ЕМА200 on the weekly chart), 1.2670 (ЕМА200 on the daily chart).

USD/CAD: technical analysis and trading recommendations_06/09/2021

Remaining below the key resistance levels 1.2450, 1.2670, in fact, USD / CAD is in the bear market zone.

USD/CAD: technical analysis and trading recommendations_06/09/2021

A breakdown of the short-term support level 1.2085 will be a signal for the resumption of short positions in USD / CAD.

USD/CAD: technical analysis and trading recommendations_06/09/2021

In an alternative scenario, a signal for a possible start of a reversal and breaking of a bearish trend will be a breakdown of important resistance levels 1.2160 (Fibonacci level 50% of the downward correction in the wave of USD / CAD growth from 0.9700 to 1.4600), 1.2175 (ЕМА200 on a 4-hour chart) with the prospect growth to resistance levels 1.2450, 1.2670.

Support levels: 1.2085, 1.2010

Resistance levels: 1.2118, 1.2160, 1.2175, 1.2240, 1.2450, 1.2540, 1.2670, 1.2740

Trading scenarios

Sell by market, Sell Stop 1.2080. Stop-Loss 1.2120. Take-Profit 1.2010, 1.1900

Buy Stop 1.2120. Stop-Loss 1.2080. Take-Profit 1.2160, 1.2175, 1.2240, 1.2450, 1.2540, 1.2670, 1.2740

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