USD/CAD: Key Support And Resistance Levels Revealed
| Oct 12, 2021 04:25AM ET
USD/CAD's daily technical analysis reveals the critical support and resistance levels that each asset will likely reach today.
The 4-hour USD/CAD chart shows its inability to hold above its key support levels of 1.26 and 1.254, respectively.
USD/CAD has continued to fall over the past month, forming a temporary support level at 1.244, showing signs of consolidation. The pair fell 3% in the process, from 1.285 to 1.244.
It is currently trading near 1.247, above the support level of 1.244, and overhead resistance 1.254.
h2 Intraday Outlook/h2Today we could expect a consolidation in the current price range near the support level of 1.244, possibly bouncing towards 1.254.
If the pair cannot hold the current level, we could expect another movement below the support level of 1.244, possibly towards the 1.242 level.
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