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FX.co ★ USD/CAD Technical Analysis and Trading Tips for June 23, 2022

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

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

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).

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

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).

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

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.

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

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

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