USDCAD Daily: enough rest, lets continue up...
After 6 months in consolidation mode the price managed to break the 1.39531 Resistance and re-test the 1.41780 previous resistance from 2020 but didn't have enough bullish gas to close above that level. Now inside a small consolidation between 1.41780 and 1.39531 the bulls are trying to get back on the wheel after a strong bearish reaction on 26th pushing the price to close below the resistance. The RSI is just below the 6-0 level heading to the 50 what may suggest a possible end of the current pullback if this downward move is rejected by the 50 level triggering another bullish move.
Resuming the price remains bullish as long it stays above the EMA(21) and above the 1.40065 level but any close below those levels may represents only a short term pullback.
Resuming the price remains bullish as long it stays above the EMA(21) and above the 1.40065 level but any close below those levels may represents only a short term pullback.
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.