As the US Dollar continues ahead, I wanted to post this quick Technical Analysis blog with focusing on USD/CAD.
We had the USD/CAD chart about a month ago and back then, price was pushing the upper bounds of a short-term bullish channel and we had this to say:
“I quite like the bullish nature of this test because it’s in the direction of the major trend and there seems to be some nice momentum behind the move if this 5 minute retrace is anything to go by.”
Coming back into the present, and we can see that horizontal weekly level has broken and price is pulling back inside it to retest the first intraday level of support.
As you can see on that daily chart above, price is pulling back into previous resistance that could now possibly act as support. If this does turn out to be the case, this level offers excellent risk reward for USD/CAD longs to manage their risk around.
Let us know your thoughts on USD/CAD with a Twitter mention on @VantageFX.
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This is a guest post originally appeared on VantageFX. Reposted with permission.