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More Correction Expected On USD/CAD

Published 10/11/2015, 05:58 PM
Updated 07/09/2023, 06:31 AM

USD/CAD

The pic still positive, but you should expect to see some more correction on the pair.

Break of 1.3000 level support last week was taken as a sign of trend reversal. That's supported by strong resistance from a long term retracement level at 1.3460. Below 1.2930 area, the trend remains on the downside. Further fall should be seen to 1.2830 area. Break of 1.2830 will lead to 1.2740. From there, it can continue to 38.2% retracement at 1.2630. Strong support stays at 1.2450 area.

In the bigger picture, 1.1960 support. That is 38.2% retracement of 0.9633 to 1.3456.

Break up again 1.3469 would give approval for more upside like 1.43 area and even to 1.60 area in medium to long term.USD/CAD Chart

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