USD/CAD
reached a strong monthly and W1 resistance marked by the middle line of the
Bollinger Bands indicator at 1.30004 and, as it could’ve been expected, stopped
for a correction to the downside.
There are
no more than 20-25 pips left until the resistance trend line of the supposed
wedge (marked in red on the monthly and W1 time frames) and the pair may reach
it in the next few days as it develops a sideways consolidation.
From then
on there are two logical scenarios:
The first
scenario is for a breakout above the trend line and a rally to 1.3770-1.3800. The second one is for a renewal of
the drop to the support trend line.
The market
will decide which scenario the pair will pick.
Good assessment, will keep it in mind.
ReplyDeleteLooks like it will keep pushing higher.
ReplyDeleteAs always, very detailed analysis.
ReplyDeleteI believe it will continue to move upward.
ReplyDeleteI'll watch those levels.
ReplyDeleteGood post.
ReplyDeleteGood insight.
ReplyDeleteGood post!
ReplyDelete