USD/ CAD: US dollar attempts to hold at 1.31275
|What happened in the last 24 hrs of the trading session?
USD/ CAD: The US dollar broke through its 500 EMA and 1.30905 as indicated in yesterday's update and launched to the top reaching 1.31670 resistance before retreating to 1.31275 support.
What is going on now?
USD/CAD: The US dollar currently trades at 1.31275 and needs to hold at this point to head back up. The pair has fallen out of the price channel and is at risk of falling further if it fails to hold above 1.31275
Our forecast
USD/CAD: The pair needs to break and hold above 1.31448 to continue and retest 1.31670 resistance. If it fails to hold, then it could fall to 1.31032
Support: 1.31275, 1.31140, 1.31032,
Resistance: 1.31448, 1.31670
The short-term view of the price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
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.