Towards the end of last year,
USDCAD
found itself testing the crucial support zone at 1.32. Subsequently, the pair reversed its course and, as of the beginning of February, has been consistently forming higher lows on our daily chart while pressing the significant resistance level at 1.36.
I anticipate that this resistance will ultimately be breached, paving the way for a rise towards 1.39. My bullish stance on this pair remains intact as long as the sequence of lower highs is not violated.
USDCAD
found itself testing the crucial support zone at 1.32. Subsequently, the pair reversed its course and, as of the beginning of February, has been consistently forming higher lows on our daily chart while pressing the significant resistance level at 1.36. I anticipate that this resistance will ultimately be breached, paving the way for a rise towards 1.39. My bullish stance on this pair remains intact as long as the sequence of lower highs is not violated.
Comment:
As anticipated, USD/CAD has broken above the resistance level and is currently trading more than 100 pips higher than when I initially posted. Now, the 1.3620 zone is expected to act as support, and any dips into that zone could present buying opportunities.
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