Daily Market Analysis 3 May 2022

Daily Market Analysis 3 May 2022

  • Market News
  • Daily Market News
  • 2022, 03 May

USD/CAD

Technical Outlook

USD/CAD could face some resistance near 1.2850, as there is a formation of ‘Double top’ candlestick formation. However, traders are advised to keep strict stop loss.

A weaker USD supports gain in CAD


Technical Indicators 
Action
RSI (64)
BUY
Oscillator (86)
BUY
MACD (Above Midline)
BUY
200 EMA (1.2639)
BUY


Strategy

Action
Sell
Entry 
1.2850
Target 1
1.2820
Target 2
1.2490
Stop Loss
1.2880


Key Signposts

CAD: BoC Gov Rogers Speech

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