USD/CAD is trading slightly lower in today's session, but the overall trend still continues to consolidate between 1.3100 and 1.3500. The pair is now 1.3290, down from a high of 1.3535. Market participants don't seem to have a clear singular vision what to do with the pair and that indecisiveness is reflecting in the price. USD/CAD has been trading sideways since May last year when the big drop from 1.47 to 1.24 scared the bulls.
Short-term support rests at 1.3090, but before that bears will need to go through the 200SMA at 1.3184.
Bulls have the long-term advantage and they might try to buy in on the 200SMA, should the level be revisited. First bull target is seen at 1.36 and major target is 1.3880.
Chart: USD/CAD D1
Great assessment, I'll keep those levels in mind.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteExcellent assessment!
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteI fully agree with your view.
ReplyDelete