Price is now 1.3408 as the pair is seen to be out of momentum for the past few days. The consolidation is coming to show that the trend may be exhausted and bears might have a chance. If they manage to bring it down below 1.3400 and hold it there until close, we might see a move further to the downside.
On the other hand, bulls have the upper hand as the price is already above resistance and there is still room for the momentum to push prices higher.
Important news are scheduled for today from both sides which will have an impact on the pair's future direction.
Chart: USD/CAD H4
Seems like the uptrend is losing steam.
ReplyDeleteIndeed, it have found some resistance.
ReplyDeleteI'll watch those levels, thanks.
ReplyDeleteIt's retracing for the moment.
ReplyDeleteGood analysis!
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteImportant information, will keep it in mind!
ReplyDeleteGood job.
ReplyDelete