USD/CAD: Attempts to break above 1.30200
|USD/CAD: Attempts to break above 1.30200
What happened in the last 24 hours of the trading session
USD/CAD: The US dollar broke through 1.30744 resistance which was highlighted in yesterday's update and reached highs of 1.31199 before pulling back to 1.30521. The Pair attempted to break to the upside at 1.30744 but failed and made a massive swing all the way to 1.30052 and bounced as indicated in the 60 minutes time frame.
What is going on now
USD/CAD: The US dollar is currently trading at 1.30200 after bouncing at 1.30052 and attempts to hang on to head back up. The Pair managed to break above the resistance trendline highlighted on the chart and could be heading to its first target at 1.30335 if it holds above 1.30052 support
My thoughts on what may happen
1. USD/CAD: The Pair has shown some very erratic swings in both directions in the last 48 hrs, and we are likely to continue to witness this type of activities in the coming trading sessions.
The volatility in the market creates excellent opportunities if you follow the trend and trade with trend not against the trend.
2. USD/JPY: The Pair needs to break and stay above 1.30200 to continue to its first target at 1.30335. The pair also need to stay above 1.30552 to avoid falling to 1.29965 and 1.29867 support
3. Support - 1.30052, 1.29965, 1.29867
4. Resistance - 1.30200, 1.30335, 1.30521
5. A potential long target is estimated at 1.30335 to 1.30521
6. It is a good practice to apply a stop loss to all your trades to protect your capital in case the market moves against your position.
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