USD/CAD is holding above support

USD/CAD is holding above support

2021-06-03 • Updated

4H Chart                                             

Picture1.png

Daily Chart

Picture2.png

USD/CAD declined once again to the same support area between 1.2040 and 1.2020 which remains solid for over three weeks now. The pair managed to bounce off that area once again during the Asian session today, while yesterday’s decline was mainly driven by higher crude oil. In the meantime, the downside pressure has eased significantly, and the technical indicators are curling higher after being heavily oversold over the past few weeks. In the meantime, eyes are headed toward the Canadian Jobs Report tomorrow which may act as a catalyst for another leg higher. We prefer to keep our longs from 1.2060 and the pending order to buy again at 1.20 with a Stop Loss at 1.1980, eyeing 1.21 as a first target followed by 1.2170 and 1.22 later next week.

S3 S2 S1 Pivot R1 R2 R3
89.23

89.62

89.76

90.00

90.15

90.39

90.78

Similar

Nasdaq 100 (US100): Toward 17750
Nasdaq 100 (US100): Toward 17750

Bullish Scenario: Buy between 17515 and 17600 with TP1: 17681; TP2: 17720 intraday, and TP3: 17750 / 18000 in extension. Bearish Scenario in case of breaking the buying zone: Sell below 17500 with TP1: 17469; TP2: 17421, and TP3: 17358 in extension.

Latest news

USD Expected To Recover Some Strength
USD Expected To Recover Some Strength

In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes reports...

CAD: Price Delivery Suggests Strength
CAD: Price Delivery Suggests Strength

In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes...

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera