USDCAD (1H) - short term bearish bias
The US dollar came to a halt at the previous daily high of 1.3330 and is likely to pull back toward the moving averages. On the hourly chart, yesterday's engulfing red candle took a lot of longs out of action. The bearish MA cross is a strong sign that sentiment has turned south and we would expect fresh sellers to put pressure on the greenback. As the pair consolidates around the 20 and 30-hour MA, a renewed round of sell-off would push the price toward 1.3200.
Key support: 1.3200
Key resistance: 1.3320
The US dollar came to a halt at the previous daily high of 1.3330 and is likely to pull back toward the moving averages. On the hourly chart, yesterday's engulfing red candle took a lot of longs out of action. The bearish MA cross is a strong sign that sentiment has turned south and we would expect fresh sellers to put pressure on the greenback. As the pair consolidates around the 20 and 30-hour MA, a renewed round of sell-off would push the price toward 1.3200.
Key support: 1.3200
Key resistance: 1.3320
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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.