USD/CAD: Break or fake break, pair bounce back from support 1.3240 after Trump announces 10% tariffs

Waiting for confirmation break both side, If 1.3240 Downside trend and if 1.3455 Break upside trend.
USD/CAD price action attempts to base with Trump announces 10% tariffs on Canadian aluminium in spite of USMCA

M.Ali Zah All My Pips

USD/CAD has rebounded in the short term and now is pressuring the major downtrend line, the repeated breakout attempts signal that the dynamic resistance may eventually give way.

Two Possibilities.

1-USD/CAD is pressuring the downtrend line and also last week USDCAD break support level 1.3340 and hit S-2 1.3240 where bounce back upside 1.3386 static resistance, but I believe that only a valid breakout above the Pivot Point (1.3440) level will really validate a large leg higher towards 1.3540 and 1.3690

2- If Price Break downside supports 1.3240 then we could see new lower 1.3070 major monthly base support level.

we need strong confirmation before going long as the pair is susceptible to a drop anytime again if the Dollar Index will lose altitude.

SUPPORT/RESISTANCE
✅S1= 1.3240
✅S2=1.3075
✴️R1=1.3440
✴️R2=1.3590

Author

M.Ali Zah

All My Pips

M.Ali has 10 years of experience in analysing and covering the global markets, with specialization in Forex and commodities markets.

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