USD/CAD has responded to confluent support at 1.3714/29- a region defined by the 78.6% retracement of the September rally and the 38.2% retracement of the 2021 advance. Note that the 25% parallel of the descending pitchfork converges on this threshold over the next few days and a break / close below is needed to fuel the next leg of the decline / mark downtrend resumption.
Initial resistance is eyed with the 61.8% retracement of the late 2023 advance / May open at 1.3794/98 and is backed closely by the median-line. Rallies should be limited to this slope IF price is heading lower on this stretch with a break / close below this pivot zone exposing subsequent objectives at 1.3590-1.3614 and 1.3504/23. Broader bearish invalidation extends into the 200-day moving average at 1.3990-1.4019.
-MB
Initial resistance is eyed with the 61.8% retracement of the late 2023 advance / May open at 1.3794/98 and is backed closely by the median-line. Rallies should be limited to this slope IF price is heading lower on this stretch with a break / close below this pivot zone exposing subsequent objectives at 1.3590-1.3614 and 1.3504/23. Broader bearish invalidation extends into the 200-day moving average at 1.3990-1.4019.
-MB
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.