USD/CAD sentiment suggests a sellers market
|USD/CAD has managed to recover 74% of its losses from the lows made earlier this month (8 June) at the time of writing. Last week closed higher tapping out at Rising Wedge resistance. Prices are now consolidating as we head into the second session of the week. 50% Fib, taken from the 14 May highs (1) and 10 June lows (2) plus Rising Wedge resistance comes into play next at (3). This could provide a good selling opportunity using a tight stop above 13800.0.
Alternatively, a convincing break, hold and close above resistance (3) on the Daily time frame would indicate the bulls are firmly in control and will be eyeing 137971.0 as a first target, 138320s as a second target followed by the May lows 138520/70s where another selling opportunity awaits the bears.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.