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USD/CAD: Technical Analysis and Trading Recommendations_02/03/2022

USD/CAD: Technical Analysis and Trading Recommendations_02/03/2022

As for the USD/CAD pair, it is growing today after a 3-day decline before. The fall of USD/CAD stopped yesterday at the support level 1.2660 (EMA200 on the 4-hour chart and EMA50 on the daily chart).

Meanwhile, the dynamics of the pair remains without a definite direction. USD/CAD is in the area above the important support level 1.2625 (EMA200 on the daily chart), but below the key long-term resistance level 1.2870 (EMA200, EMA144 on the weekly chart).

USD/CAD: Technical Analysis and Trading Recommendations_02/03/2022

The price is above important short-term support levels 1.2660, 1.2671 (EMA200 on the 1-hour chart), while OsMA and Stochastic indicators recommend long positions. But for now, corrective growth will be limited by the resistance level 1.2870.

USD/CAD: Technical Analysis and Trading Recommendations_02/03/2022

The breakdown of the support levels 1.2671, 1.2660 will be a signal for the resumption of short positions. A break of the support level 1.2625 will confirm the resumption of the bearish trend and send USD/CAD towards the local lows 1.2540, 1.2455, 1.2290. A breakdown of the support level 1.2160 (Fibonacci level 50% of downward correction in the USD/CAD growth wave from 0.9700 to 1.4600) will confirm the end of the upward correction from 0.9700 level.

USD/CAD: Technical Analysis and Trading Recommendations_02/03/2022

Support levels: 1.2671, 1.2660, 1.2625, 1.2540, 1.2455, 1.2290, 1.2165, 1.2010

Resistance levels: 1.2740, 1.2870, 1.2900, 1.2960

Trading scenarios

Sell Stop 1.2645. Stop Loss 1.2720. Take-Profit 1.2625, 1.2540, 1.2455, 1.2290, 1.2165, 1.2010

Buy Stop 1.2720. Stop Loss 1.2645. Take-Profit 1.2740, 1.2870, 1.2900, 1.2960

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