USD/CAD analysis for August 21, 2018

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Recently, the USD/CAD has been trading downwards. As I expected, the price tested the level of 1.3013. According to the H1 time frame, I found that price is trading in the downwards regression channel, which is a sign that sellers are in control. I also found broken support trendline in the background, which is another sign of weakness. My advice is to watch for selling opportunities with that downward targets at 1.3000 and at the price of 1.2968.

Resistance levels:

R1: 1.3076

R2: 1.3111

R3: 1.3130

Support levels:

S1: 1.3022

S2: 1.3003

S3: 1.2968

Trading recommendations for today: watch for potential selling opportunities.

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