USD/CAD Technical Analysis and Trading Tips on June 10, 2022 | InstaForex

USD/CAD hits 1.3000 on weak oil price ahead of Fed's Powell Testimony and CPI Data Release | ICM.COM

Relevance up to 12:00 2022-06-11 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 10.06.2022 analysis

 

Today, from 12:30 to 14:00 (GMT), a significant increase in volatility is expected in USD, CAD quotes and, accordingly, in the USD/CAD pair.

Meanwhile, the price is trying to break through the zone of strong resistance levels 1.2675 (200 EMA on the daily chart), 1.2715 (200 EMA on the 4-hour chart, 50 EMA on the daily chart), and 1.2740 (38.2% Fibonacci retracement of the downward correction in the USD/CAD growth wave from the level 0.9700 to the level of 1.4600).

 

Exchange Rates 10.06.2022 analysis

 

The dollar is rising against European currencies and falling against the yen and two other (except CAD) major commodity currencies (NZD, AUD), which indicates a certain dissonance in its dynamics.

From a technical point of view, from the level of 1.2740, where USD/CAD is currently located, a rebound is possible and a return to the zone below the key support level 1.2675 with the targets of further reduction at the support levels 1.2628 (200 EMA on the 1-hour chart), 1.2540 (200 EMA on the monthly chart ), and 1.2520 (local support level).

 

Exchange Rates 10.06.2022 analysis

 

Their breakdown will increase the risks of a further decline in USD/CAD and a resumption of the global downward trend.

In an alternative scenario, USD/CAD will still break through the resistance at 1.2740 and continue to grow towards the key resistance level 1.2840 (200 EMA on the weekly chart). After that, the nearest growth targets will be the local resistance levels 1.2900, 1.3070, and the mark of 1.3100, through which the upper limit of the rising channel passes on the weekly chart.

 

Exchange Rates 10.06.2022 analysis

 

Support levels: 1.2715, 1.2675, 1.2628, 1.2600, 1.2540, 1.2520, 1.2460, 1.2400, 1.2290, 1.2165, 1.2010, 1.2000

Resistance levels: 1.2740, 1.2800, 1.2840, 1.2900, 1.2960, 1.3000, 1.3070, 1.3100

Trading Tips

Sell Stop 1.2690. Stop-Loss 1.2760. Take-Profit 1.2675, 1.2628, 1.2600, 1.2540, 1.2520, 1.2460, 1.2400, 1.2290, 1.2165, 1.2010, 1.2000

Buy Stop 1.2760. Stop-Loss 1.2690. Take-Profit 1.2800, 1.2840, 1.2900, 1.2960, 1.3000, 1.3070, 1.3100

 

Read more: https://www.instaforex.eu/forex_analysis/313112

USD/CAD hits 1.3000 on weak oil price ahead of Fed's Powell Testimony and CPI Data Release | ICM.COM

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