USD/CAD: Bulls first challenge of the week is at its 500 EMA at 1.31255.
|USD/CAD: Bulls first challenge of the week is at its 500 EMA at 1.31255.
What is going on now with USD/CAD?
USD/CAD: The US dollar struggled to regain control at 1.31800 in Friday's session as indicated in my previous update. The US dollar made several attempts to get back above 1.31800 during the European session in Friday's trades, but all failed and settled at 1.31473 at the end of the last session of the week.
Our forecast
USD/CAD: The US dollar bounced at its 500 EMA in Friday's session but struggled to head back up. The first important task for the US dollar on Monday's session is to try and take back control at its 500 EMA at 1.31255 support to avoid drifting into bears territory. The pair could continue its downward run to 1.31110 and 1.30925 if it fails at 1.31225 support. The pair could also head back up to 1.31620 and 1.31800 if it remains above its current support at 1.31445.
Support/Short Target -1.31445,1.31225, 1.31110, and 1.30925
Resistance/Long Target -1.31620, 1.31800, 1.32025, and 1.32235
The trade signals are posted on to our Telegram channel on a regular basis as per the link below.
https://t.me/leoprimefx
Chart 1: The short-term view of the USD/CAD price action in the 30 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the USD/CAD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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