USDCAD | Can We See a Break Above Resistance? | Forex
Today’s focus: USDCAD
Pattern – LH Resistance Point
Support – 1.3441
Resistance – 1.3515
The USDCAD on the daily chart is today’s focus, as it held up rather well after oil blasted higher yesterday. With the USD maintaining its run, this has kept things in check. Despite that, we still saw a failed high from buyers that have maintained a level of resistance.
Will we see sellers continue to push after yesterday’s session? If they can, we will look to support as a point of short-term resistance. A new move higher by buyers is also part of the play due to the last rally. With a break above resistance with the USD and oil supporting, we will look towards longs. A hold by sellers, look more for moves back down to test support and or the main trendline.
Indicator-wise, the Moving Average continues to slope down, and the RSI has dipped below 50 point. These favour sellers but are secondary to price.
Good trading.
* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.
Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.
Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.