Tuesday’s bullish move in USD/CAD has delivered a signal often seen at bottoms, taking out several key technical resistance levels in the process, including the December 2023 uptrend. With bearish momentum starting to reverse, upside risks look to be building.
Those in the market for a long setup could initiate positions around these levels with a stop beneath 1.3650 for protection. Tuesday’s high of 1.3693 now stands as an important near-term level. A break above opens the door to the June 10 high at 1.3728 as one potential target, along with 1.3750.
If either level is hit, reevaluate whether to hold, cut or reverse, given the setup runs counter to the broader trend.
Good luck!
DS
Those in the market for a long setup could initiate positions around these levels with a stop beneath 1.3650 for protection. Tuesday’s high of 1.3693 now stands as an important near-term level. A break above opens the door to the June 10 high at 1.3728 as one potential target, along with 1.3750.
If either level is hit, reevaluate whether to hold, cut or reverse, given the setup runs counter to the broader trend.
Good luck!
DS
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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.