We can’t
ignore the interesting development of the USD/CAD pair with the caveat that on
Monday (3rd April), which is a holiday, we can hardly expect big
movements on the market.
The pair
began moving north and for the moment it is developing within a perfect trend
channel with a height at its base exactly 855 pips.
If we
suppose that the market will follow the trend lines then we should expect a
test of the resistance trend line (in blue), a renewal of the depreciation to
the support trend line of the channel (in red) and a possible breakout in order
for the depreciation to continue toward the next support trend line (in blue).
The
alternative scenario is a breakout above the resistance trend line (in blue)
and a rally to 1.3750 – 1.3800.
Good insight.
ReplyDeleteI'll watch those levels, thank you.
ReplyDeleteWill keep it in mind, thanks for sharing!
ReplyDeleteGood tip! I'll keep it in mind.
ReplyDeleteVery useful information! Thanks.
ReplyDeleteGood post!
ReplyDelete