USD/CAD Bulls Eye Resistance for Fifth Week
USD/CAD has been trading just below resistance for over a month now at the 1.618% extension of the 2023 advance at 1.4483. Note that the upper parallel of the ascending pitchfork continues to cap the December breakout.
Initial support rests with the 75% parallel (currently ~1.43) with bullish invalidation now raised to 1.4099-14115.
Ultimately a breach / close above the 2016 close high at 1.4538 is needed to fuel the next major leg of the advance towards 1.4660/90- a region defined by the 78.6% retracement of the 2003 decline, the 1.618% extension of December advance and the 2016 high. Look for a larger reaction there IF reached.
MB
Initial support rests with the 75% parallel (currently ~1.43) with bullish invalidation now raised to 1.4099-14115.
Ultimately a breach / close above the 2016 close high at 1.4538 is needed to fuel the next major leg of the advance towards 1.4660/90- a region defined by the 78.6% retracement of the 2003 decline, the 1.618% extension of December advance and the 2016 high. Look for a larger reaction there IF reached.
MB
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