Denis Joeli Fatiaki
Independent Analyst
USD/CAD: US dollar consolidates at 1.34075 and 1.33775
What is going on now with USD/CAD?
USD/CAD: The US dollar held on to its position above 1.33025 in yesterdays trades and advanced to 1.34075. The pair has been consolidating at 1.34075 and 1.33775 for the past 12 hours and could break out soon.
Our forecast
USD/CAD: The US dollar currently trades at 1.30456 and needs to break and hold above 1.34075 to continue to 1.34230 and 1.34455. The pair could pull back to 1.33530 and 1.33315 if it fails to hold at 1.33775
Support/short target - 1.33775, 1.33530, 1.33315, and 1.33160
Resistance/Long Target- 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
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.
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