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  Latest
Differences between the Foreign Exchange Market and Stock Market May 23, 2022
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USD/CAD Trading Analysis (May 21, 2021)

News Feed by News Feed
May 21, 2021
in Analysis
Reading Time: 2 mins read

Kaplan: monetary policy needs to be adapted given the financial situation:

  • Expects the RCE to be overvalued, at least in 2021;
  • Uncertainty will remain;
  • Need to start discussing winding down on the back of progress in the economy and recovery from the pandemic.

USD/CAD, 30 min

Pivot: 1.2074

Analysis:

Provided that the currency pair is traded above 1.2050, follow the recommendations below:

  • Time frame: 30 min
  • Recommendation: long position
  • Entry point: 1.2074
  • Take Profit 1: 1.2095
  • Take Profit 2: 1.2115

Alternative scenario:

In case of breakdown of the level 1.2050, follow the recommendations below:

  • Time frame: 30 min
  • Recommendation: short position
  • Entry point: 1.2050  
  • Take Profit 1: 1.2035
  • Take Profit 2: 1.2015

Comment:

RSI shows the possibility of an uptrend during the day.

Key levels:

Resistance     Support
1.2140 1.2050
1.2115 1.2035
1.2095 1.2015

USD/CAD, D13

Pivot: 1.2085

Analysis:

While the price is below 1.2360, follow the recommendations below:

  • Time frame: D1
  • Recommendation: short position
  • Entry point: 1.2085
  • Take Profit 1: 1.1840
  • Take Profit 2: 1.1675

Alternative scenario:

If the level 1.2360 is broken-out, follow the recommendations below:

  • Time frame: D1
  • Recommendation: long position
  • Entry point: 1.2360
  • Take Profit 1: 1.2500
  • Take Profit 2: 1.2650

Comment:

RSI shows the possibility of the downtrend in the medium term.

Key levels:

Resistance     Support
1.2650 1.1840
1.2500 1.1675
1.2360 1.1450

We also advise you to pay attention to the following currency pairs for intraday trading:

EUR/USD – buy above 1.2210 with 1.2260 and 1.2275 targets as Take Profit. Alternative scenario – if the level 1.2210 is broken-down, sell with the TP 1.2195 and 1.2180.
GBP/USD – long positions above 1.4160 with 1.4215 and 1.4240 targets as Take Profit. Alternative scenario – if the level of 1.4150 is broken-down, sell with the targets 1.4140 and 1.4120 as Take Profit.
AUD/USD –  sell below 0.7775 with 0.7730 and 0.7715 as Take Profit targets. Alternative scenario – if the level of 0.7775 is broken-out, you should consider buying with the targets 0.7790 and 0.7805 as Take Profit.


Source

Tags: PaxForexUSD/CAD
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