USD/CAD Testing Consolidation Support
There is a massive multi-month consolidation taking place in USD/CAD.
The 2023 yearly opening-range is preserved heading into April.
Now testing the August trendline with key support eyed just lower at 200DMA / 78.6% retracement at 1.3380/90.
Yearly open resistance at 1.3545 backed by 3688 and the yearly high-close at 1.3828.
Ultimately, the immediate focus is on a breakout of the 1.3390-1.3545 range for guidance here.
Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on MBForex
MBForex
The 2023 yearly opening-range is preserved heading into April.
Now testing the August trendline with key support eyed just lower at 200DMA / 78.6% retracement at 1.3380/90.
Yearly open resistance at 1.3545 backed by 3688 and the yearly high-close at 1.3828.
Ultimately, the immediate focus is on a breakout of the 1.3390-1.3545 range for guidance here.
Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on MBForex
MBForex
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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.
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.