USD/CAD is Struggling Between Moving Averages

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By Deya Hroob

usdcad


This trade set up is based on daily chart.

USD/CAD is currently trading  between 20-day EMA as support and 50-day EMA as resistance. The 20-day EMA is at the same level as 0.236 Fibonacci retracement which gives this support an importance.

 I will wait the price to go above the 50-day EMA to go long with target 1.3830.

 1.3830 is a level where I expect sellers will defend their positions strongly. So, for now I am looking for long position. For short position I will wait to see if the pair manages to reach 1.3830 then I may look for sell opportunity.

Trade Wise and Good Luck! 

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