USD/CAD is currently trading around the 1.3850 resistance zone, a level that has been tested repeatedly since September 2022, each time resulting in a decline.
However, this year, after testing this resistance, the bears haven't managed to push the price down to its previous support levels. Instead, a higher support has formed at 1.36.
The recent rise from 1.36 has been impulsive, suggesting strong upward momentum.
This leads me to believe that a break above the current resistance is likely, potentially pushing the price above 1.4.
In conclusion, dips towards 1.37 should be considered buying opportunities, aiming for a favorable risk-to-reward ratio with a target around 1.41.
However, this year, after testing this resistance, the bears haven't managed to push the price down to its previous support levels. Instead, a higher support has formed at 1.36.
The recent rise from 1.36 has been impulsive, suggesting strong upward momentum.
This leads me to believe that a break above the current resistance is likely, potentially pushing the price above 1.4.
In conclusion, dips towards 1.37 should be considered buying opportunities, aiming for a favorable risk-to-reward ratio with a target around 1.41.
Note
Yesterday UsdCad broke above resistance.My 1.4 target is in fucus now
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.