USD/CAD is facing resistance

USD/CAD is facing resistance

Information is not investment advice

USD/CAD spiked towards the resistance in the 1.3350 area (the 61.8% Fibo retracement of the May-July advance) but failed to close above the 100-day MA at 1.3305. The pair’s at the upper border of the uptrend channel and can experience some correction. There’s a “Head and Shoulders pattern on H1 that confirms such a scenario. The initial target will be at 1.3247 (100-hour MA, 50-week MA). Given the fact that the price is still in an uptrend from the end of July, it will be necessary to look for buy opportunities in the 1.3225/1.32 area. 

USDCAD h1.png

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Levels for trading USD/CAD

To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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