USD/CAD has been rising in price since August 2011 and has formed a stable uptrend channel since September 2013. However, the pair might be in for a correction to the downside as it reached a peak level at 1.4268 and is currently trading around 1.4200-20.
First level of support is 1.4180, second level 1.4150 and third level 1.40.
First and strongest level of resistance is 1.4300.
If the pair continues to the downside, it could be expected that it will attempt to reach 1.37 as a target.
Chart: USD/CAD D1
1.4300 is strong resistance.
ReplyDeleteThe bullish trend continues for now, but we'll see what will happen once it reaches 1.4300.
ReplyDeleteInteresting levels to be watchful of, thanks for the info.
ReplyDeleteThe pair reached fresh 12 and a half year highs.
ReplyDeleteI agree wit your analysis,thank you.
ReplyDeleteVery useful Analysis, Thanks for the heads up.
ReplyDelete