USDCAD: Thoughts and Analysis
Today's focus: USDCAD
Pattern – LH Resistance Point
Support – 1.3441
Resistance – 1.3515
Hi, and thanks for checking out today's analysis. The USDCAD daily is today's focus, and it held up rather well after oil blasted higher yesterday. With the USD maintaining its run, this has kept things in check. Despite that, we still saw a failed high from buyers that have maintained a level of resistance.
Will we see sellers continue to push after yesterday's session? If they can, we will look to support as a point of short-term resistance. A new move higher by buyers is also part of the play due to the last rally. With a break above resistance with the USD and oil supporting, we will look towards longs. A hold by sellers, look more for moves back down to test support and or the main trendline.
Indicator-wise, the moving average continues to slope down, and the RSI has dipped below the 50 point. These favour sellers but are secondary to price.
Good trading.
Pattern – LH Resistance Point
Support – 1.3441
Resistance – 1.3515
Hi, and thanks for checking out today's analysis. The USDCAD daily is today's focus, and it held up rather well after oil blasted higher yesterday. With the USD maintaining its run, this has kept things in check. Despite that, we still saw a failed high from buyers that have maintained a level of resistance.
Will we see sellers continue to push after yesterday's session? If they can, we will look to support as a point of short-term resistance. A new move higher by buyers is also part of the play due to the last rally. With a break above resistance with the USD and oil supporting, we will look towards longs. A hold by sellers, look more for moves back down to test support and or the main trendline.
Indicator-wise, the moving average continues to slope down, and the RSI has dipped below the 50 point. These favour sellers but are secondary to price.
Good trading.
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