Forex Marketz Daily Forex News – Fully Markets Update
USD/CAD (1.3108)
- Support Levels: 1.2955, 1.2797, 1.2670
- Resistance Levels: 1.3110, 1.3208, 1.3365
- Trade Strategy: Stand Aside
The USD/CAD Forex market continues to trade quietly around the 1.30 handle after the Canadian Dollar corrected downwards. Please refer to the below USD/CAD daily chart for today’s technical analysis.
Technical Analysis
Let’s look at today’s USD/CAD Forex technical analysis. There is near term technical support lining up at 1.2955. A daily close below this technical support level challenges the next technical support lining up at 1.2797. The alternative USD/CAD technical analysis, should the Canadian push higher, thus supporting this Forex market, nots technical resistance lining up at 1.3110. A daily close above this technical resistance level challenges the next resistance level at 1.3208.
Trade Strategy
Now let’s look at today’s USD/CAD Forex trade strategy. There is not a lot of event risk on today economic calendar. There is housing data coming out of the United States later today but should not present a lot of price action volatility.
With this being said, I will need to rely more on my technical analysis and trading charts for a trade strategy. Let’s get started. Price action shows the USD/CAD trading very close to a technical resistance level. From a reward to risk perspective, taking a long CAD (short USD) trade is not feasible at this time. There are no clear cut bearish reversal signals either at this moment. This means, that taking a short CAD trade is a bit premature. With now clear cut trade opportunity, I will opt to stand aside and watch my charts. For today, I am flat in the USD/CAD Forex market.
