USD/CAD is trading 0.30% lower ahead of the NFP data on Friday. There is a 20 pip range of support at 1.3240 that looks strong. USD/CAD 4-hour chart USD/CAD has been trendline lower in recent session but the price is heading towards a firm support area between 1.3240 and 1.3260. There are multiple technical factors to consider at the moment that seem to be supporting the long trade. The Relative Strength Index is making a bullish failure swing pattern. This is when the price makes a higher low but the indicator makes a lower low. Often the indicator moves into oversold territory and in this case, it is pretty close. There is also the 38.2% Fibonacci retracement zone in close proximity to the current price level. Adding to this, the red upward sloping trendline could also be a good support zone and if the price does move lower it could come into play. Lastly, the zone has been used seven times on the 4-hour chart and this illustrates its importance as the price heads to the area. Sometimes certain prices act like magnets for the price and this seems to be one of those zones. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD consolidates below 1.29 and key resistance structure FX Street 2 years USD/CAD is trading 0.30% lower ahead of the NFP data on Friday. There is a 20 pip range of support at 1.3240 that looks strong. USD/CAD 4-hour chart USD/CAD has been trendline lower in recent session but the price is heading towards a firm support area between 1.3240 and 1.3260. There are multiple technical factors to consider at the moment that seem to be supporting the long trade. The Relative Strength Index is making a bullish failure swing pattern. This is when the price makes a higher low but the indicator makes a lower low. Often the indicator moves into… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
