Home USDCAD Rejects Higher Prices, Prints Negative Candle
Forex Bits

USDCAD Rejects Higher Prices, Prints Negative Candle

USDCAD: With USDCAD turning off its intra day high at 1.3416 level to close lower on Thursday, further downside pressure is likely. While the 1.3416 level caps, our view on the pair remains lower. Resistance resides at the 1.3400 level where a break will target the 1.3450 level.

Further out, resistance comes in at the 1.3500 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3550 level. On the downside, support lies at the 1.3300 level followed by the 1.3250 level. Further down, support resides at the 1.3200 level and then the 1.3150 level. All in all, USDCAD remains biased to the upside medium term but could face downside pressure after price failure.

usdcad

In our latest podcast we explain why the dollar defies the doves

Follow us on  Sticher.

 

FX Tech Strategy

FX Tech Strategy

FX Tech Strategy provides simple forex research for Intra-day, swing and position traders. For over 6 years, FXTechstrategy has been committed to providing forex traders including intra-day, swing and position traders exceptional forex research with technical analysis expertise that makes trading decisions easy and painless. FXTchstrategy won Best Technical Analysis (forex best awards) by fxstreet in 2011 and was finalists, Star Awards by traderplanet in 2011 & 2012.