USD-weakness was back in a big way this week and even as other pairs had yielded to the USD-breakout into last Monday, with fresh lows in EUR/USD and fresh highs in USD/JPY - USD/CAD retained its bearish structure with a hold of resistance right at the 1.4000 level.
Price is now 250ish pips lower as sellers have went back to work and there's potential for breakdown scenarios given this hold near support following a pullback to the big figure. For those looking to work with pullbacks, there's now resistance potential at prior swing lows 1.3814 and then 1.3846, and USD/CAD remains one of the more attractive venues for a continuation of Dollar weakness as we move towards the final week of May trade. - js
Price is now 250ish pips lower as sellers have went back to work and there's potential for breakdown scenarios given this hold near support following a pullback to the big figure. For those looking to work with pullbacks, there's now resistance potential at prior swing lows 1.3814 and then 1.3846, and USD/CAD remains one of the more attractive venues for a continuation of Dollar weakness as we move towards the final week of May trade. - js
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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.