USDCAD is sitting in tight trading range at the moment. We have strong support at 1.3300 which has held strong for many weeks now.
If we zoom out on the daily we can see various touches on the ascending trend line.
Soon price could intersect at the support and ascending trend at 1.3300. I'll be looking for a decisive move north from the 1.3300 area looking to target just below 1.3650 or alternatively a strong move from the 1.3300 area south could open up the doors for a move to 1.3150.
The coming weeks will give us a better idea on how price is going to move, stay tuned for updates.
If we zoom out on the daily we can see various touches on the ascending trend line.
Soon price could intersect at the support and ascending trend at 1.3300. I'll be looking for a decisive move north from the 1.3300 area looking to target just below 1.3650 or alternatively a strong move from the 1.3300 area south could open up the doors for a move to 1.3150.
The coming weeks will give us a better idea on how price is going to move, stay tuned for updates.
Comment:
Price broke out above the trend line and is currently re-testing it. From here, if price holds, we will see price head towards 1.36500.