Choppy consolidation.
(By Peter Rosenstreich)
• USD/CAD has successfully bounced off
uptrend support, approaching key downtrend
resistance. Hourly support and resistance are
located at 1.2621 (23/02/2018 low) and 1.3125
(19/03/2018 high). The technical structure
suggests short-term decrease.
• In the longer term, the pair is trading between
resistance point at 1.3805 (05/05/2017 high) and
support at 1.2128 (18/06/2015 low). Strong
resistance is given at 1.4690 (22/01/2016 high).
The pair is likely to head lower. The pair is
trading above its 200 DMA.
