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USD/CAD Testing Important Resistance

USD/CAD Testing Important Resistance

USD/CAD is testing important resistance area of 1.2870-1.29. As long as it stays below this level, there is a chance that we will see new lows towards 1.2550, but overall I remain medium-term bullish expecting new highs near 1.33 to be achieved.

USD/CAD H4 Chart

The short-term trend is bullish but with several reversal signs. The price is inside the 4-hour Kumo (cloud) and it is turning lower. Support is at 1.2770. Resistance is at 1.29. A deeper pullback towards 1.28 is possible without canceling my bullish view.

USDCAD Daily Chart

The daily chart shows that USD/CAD is testing important kijun- and tenkan-sen resistance. I believe a new wave C upwards has started and we are heading at least towards 1.33. I’m bullish.

Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.

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