On the
daily chart of the USD/CAD we can see that the price has formed what it appears
to be a double bottom formation with the 1.2655 level as support. The neckline
or confirmation line of the pattern is around the 1.3100 level, along with the
200 day exponential moving average. A breakout above the 1.3100 area, could
take the price to the 1.3200 level, which could act as resistance. To the downside,
the price may get boxed at the 1.3000 level, with the 1.3100 as resistance. But
below the 1.3000 level, the 1.2900 may act as support. In the longer term we
can see on this same chart that the most important support is the 1.2500 level.
I'll watch those levels, thanks.
ReplyDeleteThe pair is consolidating after the big move to the upside last week.
ReplyDeleteThank you for the analysis i'll keep an eye on the currency.
ReplyDeleteThe pair is consolidating around 1.29 mark.
ReplyDeleteStraight to the point! Congrats!
ReplyDelete