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USD/CAD returned to resistance

USD/CAD returned to resistance

Information is not investment advice

USD/CAD shot up this week but met the resistance of the daily MAs in the 1.3200 area. Here’s also the 50% retracement of the October advance. The further resistance levels are located on the way to 1.3228 (61.8% Fibo). On the D1, the pair formed an “inside bar” as it tried to consolidate after the rapid growth. Support is located at 1.3130 (September low, yesterday’s low). A decline below this level will lead the pair back to 1.31 and 1.3050. 

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USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.

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