10.06.202117:44 Forex Analysis & Reviews: USD/CAD Reversal In Spotlight!

Exchange Rates 10.06.2021 analysis

USD/CAD moves sideways between 1.2134 and 1.2021 levels. It has decreased a little to retest our broken downtrend line and now it could approach 1.2134 static resistance, a former high.

Jumping above this level could indicate that the price could resume its upwards movement towards 1.2250 and 1.2300 psychological level. Only dropping below the downtrend line could invalidate the upside scenario.

Trading Conclusion!

Buy USD/CAD from above 1.2134 level and use 1.2200 psychological level as a first upside target.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert
InstaForex Group © 2007-2021
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