USD/CAD Threatening Bullish Continuation

0
87
USD/CAD Threatening Bullish Continuation

USD/CAD consolidated last week, during a week of key US and Canadian data. As we open up this week, we are seeing some evidence of a bullish continuation attempt. Let’s take a look at the charts.

The USD/CAD failed to push into new highs after the FOMC statement. However after poor inflation data out of Canada on Friday, the loonie fell, and the USD/CAD was supported. At the start of this week, USD/CAD again found support and is in a bullish continuation attempt. It looks to have upside pressure towards 1.1673, with risk of breaking even higher, as long as it holds above 1.16. A break below 1.1560 however opens up the 1.15 pivot, then the 1.14-1.1420 support/resistance area.

Previous Post by Author: AUD/USD Coiling; EUR/AUD Ranging Tightly

SHARE
Previous articleReddit Announces to Give Away 950,000 Units of its New Cryptocurrency
Next articleEUR/JPY Signals Bullish Continuation with Key Breakouts
Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.