USD/CAD Technical Analysis and Trading Tips for June 23, 2022

The Loonie Pair (USD/CAD) Takes Clues From The Downbeat Oil Prices

Relevance up to 13:00 2022-06-25 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Exchange Rates 23.06.2022 analysis


A significant increase in volatility in USD, CAD, and, accordingly, in the USD/CAD pair is expected today from 12:30 to 15:00 (GMT).

The pair remains in the bull market zone, above the key support levels 1.2840 (200 EMA on the weekly chart) and 1.2700 (200 EMA on the daily chart).


Exchange Rates 23.06.2022 analysis


Above the important short-term support at 1.2913 (200 EMA on the 1-hour chart), USD/CAD long positions are not in danger. A breakdown of the local resistance level at 1.2996 or a rebound from the support level at 1.2913 will become a signal to increase long positions with long-term targets at resistance levels of 1.3450 (23.6% Fibonacci retracement of the downward correction in the USD/CAD growth wave from 0.9700 to 1.4600) and 1.3720 (local resistance level).


Exchange Rates 23.06.2022 analysis


In an alternative scenario, USD/CAD will break through the support level 1.2913 and fall to the support levels 1.2840 and 1.2810 (200 EMA on the 4-hour chart). A corrective decline is possible up to the support level of 1.2700. The breakdown of the long-term support level 1.2550 (200 EMA on the monthly chart) will finally return USD/CAD to the zone of the long-term bear market.


Exchange Rates 23.06.2022 analysis


Support levels: 1.2913 1.2900 1.2840 1.2810 1.2800 1.2740 1.2700 1.2600 1.2550 1.2520 1.2460 1.2400 1.2290 1.2165 1.2010

Resistance levels: 1.2960, 1.3000, 1.3070, 1.3100, 1.3450, 1.3720

Trading Tips

Sell Stop 1.2890. Stop-Loss 1.3010. Take-Profit 1.2840, 1.2810, 1.2800, 1.2740, 1.2700, 1.2600, 1.2550, 1.2520, 1.2460, 1.2400, 1.2290, 1.2165, 1.2010, 1.2000

Buy Stop 1.3010. Stop-Loss 1.2890. Take-Profit 1.3070, 1.3100, 1.3450, 1.3720


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The Loonie Pair (USD/CAD) Takes Clues From The Downbeat Oil Prices

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