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Trading Signal for USD/CAD for July 05 - 06, 2021: Sell Below 1.2393


The USD / CAD pair after breaking its uptrend channel last Friday is now trading below this zone and below the 21 SMA. It maintains a bearish bias for the next few days.

The 6/8 murray zone has now turned into strong resistance for the Canadian Dollar. On June 18 and last week, this level has proven to be a very strong obstacle. Since it is now below the SMA of 21, we expect a pullback for a continuation of the bearish movement.

The strength of the Canadian dollar was because of the US non-farm payrolls (NFP). The US employment increased by 850,000 in June. However, due to a downtick in the jobless rate, the dollar struggled to continue outperforming its rivals. The US dollar index lost its footing amid the fall of the bonds.

However, the market had already discounted this fact. So, a few days later the US dollar (USDX) reached levels of 92.73. After the publication of the NFPs, we saw a downward correction of the US dollar. The Canadian dollar took advantage of it. As a result, USD / CAD climbed and left overbought levels, breaking a 4-hour bullish channel.

In the chart above, we have drawn a zone where you can sell this pair. If USD / CAD consolidates below 1.2393, there is a possibility of a short-term decline to EMA 200 zone of support located at 1.2192.

The eagle indicator is showing a bearish signal. Any attempt to rise to resistance levels of 1.2373 or 1.2393 (SMA 21) will be a good selling opportunity. Above 1.2400 we must avoid selling.

Support and Resistance Levels for July 05 - 06, 2021

Resistance (3) 1.2550

Resistance (2) 1.2499

Resistance (1) 1.2410


Support (1) 1.2269

Support (2) 1.2218

Support (3) 1.2190


Trading tip for USD/CAD for July 05 - 06, 2021

Sell if pullback o below 1.2393 (SMA 21)/1.2373, with take profit at 1.2300 and 1.2192 (EMA 200), stop loss above 1.2435.

The material has been provided by InstaForex Company -