Denis Joeli Fatiaki
Independent Analyst
USD/CAD: US dollar fell from 1.34455 and attempts to take back control at 1.33775
What is going on now with USD/CAD?
USD/CAD: The US dollar broke through at the end of the rising wedge at 1.34075 as indicated in yesterdays update. The US dollar pierced through 1.34230 resistance and reached 1.34455 but failed to continue during the overnight session and pulled back to 1.33775 in this mornings session.
Our forecast
USD/CAD: The US dollar currently trades at 1.33840 just above 1.33775 support and attempts to defend its position at this level. The pair could head back to 1.34075 and 1.34230 if it remains above 1.33775 support. The US dollar could continue down to 1.33530 if it fails at 1.33775
Support/short target - 1.33775, 1.33530,1.33315,and 1.33160
Resistance/Long Target- 1.34075, 1.34230, and 1.34455
We explain the market movements and its potential next move to help and guide you to possibly make the right decision on when to enter, apply stop losses to protect your capital, take profit and exit your position.
Chart 1: The short-term view of the USD/CAD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the USD/CAD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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