USDCAD (1H) - short term bullish bias
The greenback has been in a sideways pattern for a week, which gave market participants clear boundaries for range trading. However, sentiment remains skewed to the upside. From the daily chart's perspective, after piercing through the 20-day moving average, the pair is recovering towards the 30-day one. The latter coincides with the major resistance level of 1.3100 on the hourly chart. Should offers get lifted there the US dollar may extend its rally to 1.3150.
Key support: 1.3050
Key resistance: 1.3100
The greenback has been in a sideways pattern for a week, which gave market participants clear boundaries for range trading. However, sentiment remains skewed to the upside. From the daily chart's perspective, after piercing through the 20-day moving average, the pair is recovering towards the 30-day one. The latter coincides with the major resistance level of 1.3100 on the hourly chart. Should offers get lifted there the US dollar may extend its rally to 1.3150.
Key support: 1.3050
Key resistance: 1.3100
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.