USD/CAD Price Analysis: Bulls eye a break of daily trendline resistance USDCAD Technical Analysis
Bulls need to break 1.3500 and daily trendline resistance.is trading around the 1.3480s and rallied from a low of 1.3404 overnight. There are prospects of a run to test the 1.3500 resistance, considering the price is now on the back side of the prior bearish micro trend. However, if the bears commit to resistance, there will be prospects of a move to restest the now counter-trendline support and the 1.3450s.
On the daily chart, below, such a move would tally with a 50% mean reversion support and below there, a 61.8%If the bulls commit, then there will be prospects of a move through the daily trendline resistance. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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