USDCAD is making its 3rd attempt at the resistance trendline of a descending channel spotted in the 4-hour time frame. Currently, the US dollar continues to benefit from last week’s NFP data report which came out solid. This week, the Canadian dollar will have a chance to be in the spotlight when reports on the Labour market will be hitting the headlines on Friday. Before then, the scenarios at hand are
BULLISH SCENARIO:
A close above the resistance trendline exposes the major Resistance around 1.3650.
BEARISH SCENARIO:
Price is already printing a bearish structure with a descending channel already in place. The current situation needs momentum to be maintained with the price respecting the near-term Resistance at 1.3460.
CHART ANALYSIS: Descending channel
INTRA-DAY LEVELS
Support: 1.3400
Resistance: 1.3600
BULLISH SCENARIO:
A close above the resistance trendline exposes the major Resistance around 1.3650.
BEARISH SCENARIO:
Price is already printing a bearish structure with a descending channel already in place. The current situation needs momentum to be maintained with the price respecting the near-term Resistance at 1.3460.
CHART ANALYSIS: Descending channel
INTRA-DAY LEVELS
Support: 1.3400
Resistance: 1.3600