Analysts at Goldman Sachs offer key technical levels for trading the USD/CAD pair in the coming days.
“The next interim support is down at 1.30-1.2974; includes the April uptrend as well as a 1.618 extension target.
There are a few technical resistance levels down to 1.2890 but believe there is scope for a decline.
Consider selling into 1.3282 no higher than 1.3350. Confidence below 1.3206. Next in focus 1.3120. Scope to retrace between 1.30 and 1.2878.
I have been trying to short the USD/CAD for several weeks because I too think there is more downside risks.
What's really cool is the levels Goldman Sachs are looking at, I had already plotted...the Smart Money and I are looking at the same levels.
I even have a supply zone on the 4 hr chart with an alert.
So will price pull back enough for me to get an opportunity to short this market, only time will tell?
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.