USD/CAD sentiment suggests a sellers market

Steven Mylonas Bottomcatcher.com

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.

Author

Steven Mylonas

Bottomcatcher.com

With more than 20 years of experience, Steven has a broad knowledge of market strategies and the markets in general, with a strong focus and understanding of data reading.

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