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USD/CAD forecast Canadian dollar for today and August 12-13, 2021

USD/CAD, currency, USD/CAD forecast Canadian dollar for today and August 12-13, 2021

The US dollar shows a weak growth against the Canadian currency during the morning session after an active decline the day before, which was due to the appearance of technical factors, as well as the publication of not the most confident macroeconomic statistics. Thus, labor productivity excluding the agricultural sector in the 2nd quarter of 2021 slowed from + 4.3% to +2.3%, which turned out to be worse than analysts ' expectations at +3.5%. The NFIB business optimism index in July adjusted from 102.5 to 99.7 points, which also turned out to be worse than forecasts.

Nevertheless, the US currency continues to strengthen as the comments of representatives of the US Federal Reserve come to the market, confirming the regulator's course for an early tightening of monetary policy. A more confident growth of the instrument is hindered so far only by statistics on the incidence of coronavirus in the United States and a number of Asian countries.

Support and resistance levels

The Bollinger bands on the daily chart show a reversal in the horizontal plane within the forex forecast. The price range is actively narrowing, reflecting the appearance of multidirectional trading dynamics in the short term. The MACD indicator turned down, forming a weak sell signal (the histogram is located below the signal line). Stochastic, having not risen above the "80" mark, turned down, reacting to the appearance of "bearish" dynamics last Tuesday.

The current readings of technical indicators do not contradict the development of downward dynamics in the short and/or ultra-short term.

  • Resistance levels: 1.2554, 1.2600, 1.2650, 1.2700.
  • Support levels: 1.2500, 1.2439, 1.2400, 1.2352

Trading Scenarios

Thus, USD/CAD forecast of the Canadian dollar for August 12-13, 2021 to open new short positions, you can rely on a confident breakdown of the 1.2500 level down. Take profit - 1.2400. The stop loss is 1.2554. Implementation period: 1-2 days.

A rebound from the 1.2500 level as a support, followed by a breakdown of the 1.2554 mark up, may be a signal for new purchases with a target of 1.2650. The stop loss is 1.2500.

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Symbols USD/CAD

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