Denis Joeli Fatiaki
Independent Analyst
USD/CAD: US dollar pulled back to 1.33530 for the third time
What is going on now with USD/CAD?
USD/CAD: The US dollar held on to its position at 1.133530 as highlighted in yesterday's session and advanced to 1.33775. The pair pulled back to 1.33390 during the European session following a few failed attempts to cross over 1.33775.
Our forecast
USD/CAD: The US dollar made very little progress in the past eight hours. The pair just managed to break through 1.33530 in this mornings session and needs to maintain trading activities above 1.33530 to continue to its next target at 1.33775. The US dollar could pull back to 1.33315 if it fails at hold at 1.33530
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
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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