USDCAD rally lacks momentum, upside barrier seen at 1.3618
Updated
USDCAD - Weekly Outlook
Selling in front of 1.3618 (stop at 1.3698)
The monthly chart posted a bearish Outside Candle in November. This formation often indicates the end of a trend and the start of a new downward bias. Although we have posted two days of net gains, the upside rally lacks momentum. Resistance is located at 1.3618. Previous support now becomes resistance at 1.3630. We look to sell into strength.
Our profit target is 1.3450 and 1.3300
Resistance: 1.3618 / 1.3630 / 1.3855
Support: 1.3465 / 1.3445 / 1.3298
Selling in front of 1.3618 (stop at 1.3698)
The monthly chart posted a bearish Outside Candle in November. This formation often indicates the end of a trend and the start of a new downward bias. Although we have posted two days of net gains, the upside rally lacks momentum. Resistance is located at 1.3618. Previous support now becomes resistance at 1.3630. We look to sell into strength.
Our profit target is 1.3450 and 1.3300
Resistance: 1.3618 / 1.3630 / 1.3855
Support: 1.3465 / 1.3445 / 1.3298
Note
USDCAD has moved to 1.3618
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