CAD bulls defended long-term trendline on hawkish BOE. Long-term bullish breakout remains elusive. Weekly chart Spot rate: 1.2870 Weekly high: 1.3047 Weekly low: 1.2836 Trend: Bullish invalidation confirmed Resistance 1.2892 (10-day moving average) 1.30 (psychological hurdle) 1.3047 (May 29 high) Support 1.2810 (50-day moving average) 1.2803 (May 2 low) 1.2728 (100-day moving average) The USD/CAD pair failed to take out the long-term falling trendline, sloping downwards from the January 2016 low and April 29 low yesterday and closed well below 1.2943 (April 2 high), signaling bullish invalidation, i.e. rally from the January low of 1.2247 has ended. The bull failure could be associated with the Bank of Canada’s hawkish monetary policy statement released yesterday. The central bank kept rates unchanged as expected, but kept the doors open for a near-term rate rise. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Crypto market overview: recovery ended as Bitcoin, Ethereum, and Ripple losing ground FX Street 5 years CAD bulls defended long-term trendline on hawkish BOE. Long-term bullish breakout remains elusive. Weekly chart Spot rate: 1.2870 Weekly high: 1.3047 Weekly low: 1.2836 Trend: Bullish invalidation confirmed Resistance 1.2892 (10-day moving average) 1.30 (psychological hurdle) 1.3047 (May 29 high) Support 1.2810 (50-day moving average) 1.2803 (May 2 low) 1.2728 (100-day moving average) The USD/CAD pair failed to take out the long-term falling trendline, sloping downwards from the January 2016 low and April 29 low yesterday and closed well below 1.2943 (April 2 high), signaling bullish invalidation, i.e. rally from the January low of 1.2247 has ended. The bull failure… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
