On hourly interval, we see the pair is stable below SMA 20 and 50, after it failed to set a new peak above 1.0000, while Stochastic is negative. Therefore, we expect an intraday downside movement for today, but the general trend is to the upside, while this downside movement is justseen as acorrection. We recommend checking the link below for more analysis regarding the expected general trend.
The trading range for today is among the major support at 0.9635 and the major resistance at 1.0010.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000..
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Eye on USD/CAD
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 0.9880 and take profit in stages at (0.9785, 0.9635) and stop loss with 4-hour closing above 1.0010 might be appropriate.|