USD/CAD: The US dollar failed to hold at 1.32765 and headed down to 1.32375/1.32065
|USD/CAD: The US dollar fails to hold at 1.32765 and headed down to 1.32375/1.32065
What's going on with the USD/CAD?
USD/CAD: The US dollar held on to its position above 1.32765 support in the four hrs price chart and at the bottom of the price channel as indicated in yesterdays session but failed to retain its position and fell to 1.32375 support in this mornigs trades.
My thoughts on what may happen
USD/CAD: The US dollar needs to hold on to its position above 1.32375 support to avoid falling further to 1.32065 support. 1.32765 remains as a crucial resistance point to its future recovery.
Support:1.32375, 1.32065, and 1.31632
Resistance: 1.32765, 1.33168, 1.33475, and1.34055
We explain the market movements and its potential next move to help and guide you to possibly make the right decision on when to enter, apply stop losses to protect your capital, take profit and exit your position.
Chart 1: The short-term view of the USD/CAD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points.
Chart 2: The short-term view of the USD/CAD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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