USD/CAD closed higher for a fourth day on Monday, on the even of Trump's liberation day. It also accelerated away from its 50-day EMA after establishing support around its 100-day EMA last week.
This has also seen USD/CAD break trend resistance, and a falling wedge pattern now appears to be in play. This suggests an upside target near the 1.4550 cycle highs.
Bulls could seek dips towards the 50-day EMA and retain a bullish bias while prices remain above last week's low.
Matt Simpson, Market Analyst at City Index and Forex.com
This has also seen USD/CAD break trend resistance, and a falling wedge pattern now appears to be in play. This suggests an upside target near the 1.4550 cycle highs.
Bulls could seek dips towards the 50-day EMA and retain a bullish bias while prices remain above last week's low.
Matt Simpson, Market Analyst at City Index and Forex.com
Related publications
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.
Related publications
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.