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The 4-hour chart shows that the USD/CAD pair is trading within an uptrend channel. We can also observe the formation of a symmetrical triangle technical pattern.
The Canadian dollar has been consolidating within this triangle for several days. Despite the weakness of the US dollar in recent hours, the pair remains strong against the US dollar.
The 200 EMA located at 1.2515 is the immediate support for the USD/CAD pair. A sharp break below this level and in addition to this a break below the symmetrical triangle pattern will be a sign of a trend change and it could drop to the zone of 1.2451 (6/8).
The psychological level of 1.2500 gives some strength to USD/CAD. The market does not want to lose this level. The consolidation that takes around this area could end soon and the market will be able to define its next move because the indicator of eagle is showing overbought sign.
On the other hand, the US dollar index, USDX, is showing a sign of weakness. It has fallen below the 93.00 level and now it is below the 21 SMA on the 4-hour charts. It is a bearish signal for the US dollar and could fall for a few more days. This data could give some strength to the USD/CAD pair that could fall below the 1.2500 level.
As long as the pair is above the 200 EMA, the outlook will remain bullish, and the pair will continue trading within the bullish channel. On the contrary, a break and consolidation below the 200 EMA in the medium term could lead the price to the zone of 1.24 and 1.2355.
Support and Resistance Levels for August 13 - 16, 2021
Resistance (3) 1.2604
Resistance (2) 1.2566
Resistance (1) 1.2549
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Support (1) 1.2495
Support (2) 1.2459
Support (3) 1.2399
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Trading tip for USD/CAD for August 13 - 16, 2021
Buy above 1.2531, with take profit at 1.2573 (7/8), stop loss below 1.2500
Sell if the price breaks below 1.2500 (EMA 200), with take profit at 1.2451 (6/8), stop loss above 1.2538.
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