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USD/CAD was rejected down by the resistance in the 1.3460 area. The pair is now trading below the weekly pivot point at 1.3385. It’s quite reasonable to expect the pair to correct down after the rapid advance it made during the last two weeks.
As long as USD/CAD is trading below 1.3370 (50-period MA on H4), it will be vulnerable for a decline to 1.33. This is a significant level for the pair. As long as it stays above this point, the inverted “Head and shoulders” remains in place thus leaving the door for the further upside wide open. The next bullish target above 1.3460 will be at 1.3570.
On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).
How does the GBP/USD look like?
USD/JPY has declined from 111.70 and went into consolidation around 107.50.
AUD looks stronger, RBA keeps the rate steady. How positive is the picture?
On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).
The USD/CAD price has been falling down since March 19. What are the reasons?
