Denis Joeli Fatiaki
Independent Analyst
USD/CAD: US dollar attempts to defend its position at 1.33530
What is going on now with USD/CAD?
USD/CAD: The US dollar traded sideways around 1.33775 during the Asian session but failed to continue to the upside and fell to 1.33315 support as indicated in yesterday's update. The pair was supported at 1.33315 and had progressed above 1.33530 support in this mornings trading session.
Our forecast
USD/CAD: The US dollar currently trades at 1.33623 in the 60 minutes price chart. The pair needs to maintain trading activities above 1.33530 to proceed to its next target at 1.33775. The US dollar could head down to 1.33315 and 1.33160 if it fails to hold at 1.33530 support.
Support/short target -1.33530, 1.33315, 1.33160, and 1.32880
Resistance/Long Target- 1.33775, 1.34075, 1.34230, and 1.34455
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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