The USD/CAD
had been oscillating around the 1.3800 and the 1.3900, forming what it appeared
to be a symmetrical triangle. Today the price breaks below the triangle and
below the 1.3700 level. If it continues dropping, the 1.3600 could act as
support. If the price breaks to the upside, above the 1.3900 level, then the
1.4000 could act as resistance. The 21
day exponential moving average, yellow line, has been holding down the price
pretty well. It seems like the bearish trend is still in place.
Good post!
ReplyDeleteWell spotted! Thanks for sharing it.
ReplyDeleteIt found some some support at 1.3650.
ReplyDeleteToday the loonie is down 0.41% and was trading at 1.3727.
ReplyDeleteInteresting article.
ReplyDeleteGreat post, thank you.
ReplyDeleteGreat analysis.
ReplyDelete