Friday, May 18, 2018
The USD/CAD in a range
The
USD/CAD has been stuck in a well-defined range during the last 8 trading
sessions as shown on the daily chart. The USD/CAD consolidates between the
1.2753 level as support and the 1.2913 level as resistance. Above the 1.2913
level, the next resistance level is the 1.3000 level and above the 1.3000
level, the most relevant resistance is the peak at the 1.3123 level. To the
downside, the 200 day EMA is located at the 1.2753 level and below that zone
its next support could be the low at the 1.2526. The USD/CAD may breakout in
any direction, we cannot be sure in which direction the pair may head next due
to the fact that there is no clear trend. The 55 day EMA is actually horizontal
and that is an indication that there is no clear direction on this instrument.
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Very helpful analysis.
ReplyDeleteRange may end next week.
ReplyDeleteIt's very undecided for the moment.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteI agree with your point of view.
ReplyDeleteThe pair remains stuck between Fibo levels.
ReplyDeleteExcellent analysis, thank you!
ReplyDelete