USD/CAD: bullish.
- This pair is on bullish market condition with the secondary ranging which was started in the end of Septermebr this year: the price was bounced off 1.3353 resistance level and 1.3456 key resistance level. If the price breaks key resistance at 1.3456 so the bullish market condition will be continuing, if not so we will see the secondary ranging within the primary bullish for example.
- "USD/CAD has plummeted from several pips shy of the long term Fibonacci retracement at 1.3462 (61.8% retracement of 2002-2007 decline). The current juncture, defined by the March high at 1.2834 and a slope level near 1.2720, could influence for a bounce but the larger trend has changed (it’s down)."
- "This week’s bearish key reversal could signal the beginning of the next
leg lower although price does need to crack the October low in order to
instill confidence in the idea."
| Resistance | Support |
|---|---|
| 1.3353 | 1.2831 |
| 1.3456 | 1.1956 |
