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USD/CAD retraces back to 1.31 pre US unemployment claims

Orlando Gutierrez Learn 2 Trade

The USDCAD bounced back from the December 2019 lows on Monday and has rallied 180 pips in a pullback move to retest the previous lows.

This level confluences with the 50% retracement of the previous bearish move, a retest of the current bearish structure and the psychological resistance at 1.3100.

If this level holds and the previous lows break, which would mean a break of the continuation pattern, we could see the USDCAD retest the lows around the 1.2940

Heads up to US CPI numbers and unemployment claims later today.

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Author

Orlando Gutierrez

Learn 2 Trade

Orlando has been involved in the financial markets for about 10 years. His focus is Global Macro and he is a strong believer that the best way to trade the currency markets is focusing on the big picture and holding on to big macro trends.

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