11.06.202116:08 Forex Analysis & Reviews: Bullish signal by the USDCAD

In previous posts we mentioned the bullish RSI divergence signals in the Daily chart of USDCAD. Price is now showing reversal signals as price is breaking above 1.2130. As long as price is above recent lows of 1.2060, we are bullish looking for a strong bounce higher.

Exchange Rates 11.06.2021 analysis

Black line - resistance trend line

USDCAD has tested the 1.2130 area several times before and each time it got rejected. At the same time price has managed to hold above 1.20 and we are now seeing a 4th attempt to break above 1.2130 resistance. Price has started making higher highs and higher lows. Combined with the break of the short-term resistance, I expect USDCAD to continue higher at least towards 1.22-1.2250. Conclusion, we are bullish USDCAD as long as price holds above 1.2050, expecting a move at least towards 1.22-1.2250.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Alexandros Yfantis,
Chuyên gia phân tích của InstaForex
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