USD/ CAD: US dollar attempts to hold at 1.31275

Denis Joeli Fatiaki Independent Analyst

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

The short-term view of the price action in the four-hour price chart highlights the direction of the trend and the support and resistance price points

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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